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Section 24(B)

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 October 2010 Sir I want clarification on this section.

1. Interest is allowed on let out house as well as self occupied house?

2. Can we claim deducion under both properties in the same year? (Provided Total Interest Amt< 150000/-)

3. If loan is taken for renovation of 1st floor, then interest allowed?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
13 October 2010 Answer for all the three Q. is "yes"
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 October 2010 sir on more query...interest allowed on payable or paid basis?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 October 2010 Allowable on payable basis. Pl refer CBDT Circular 363 dated June 24,1983.
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