Taxation ipcc
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2012
my question is
under section 24(b) of IT Act 1961the maximum deduction allowed for interest on borrowed capital on house property is RS 150000 subject to the condition of the act
my query is whether the above 150000 is in respect of one house property or allowed as total deduction for all house property of an assesee
under section 24(b) of IT Act 1961the maximum deduction allowed for interest on borrowed capital on house property is RS 150000 subject to the condition of the act
my query is whether the above 150000 is in respect of one house property or allowed as total deduction for all house property of an assesee
28 February 2012
The limit is for a SELF OCCUPIED HOUSE and not for let out or deemed to be let out.
If an assessee has two houses and none of them is let out, then he can claim only ONE as self occupied.
The other house shall be deemed to be let out and fair rental value shall be taxable.
Deduction:
In respect of self occupied house, deduction will be max Rs. 1.5 lakhs.
In respect of deemed to be let out, no limit.
So, there cannot be a case where assessee has two self occupied houses.
If an assessee has two houses and none of them is let out, then he can claim only ONE as self occupied.
The other house shall be deemed to be let out and fair rental value shall be taxable.
Deduction:
In respect of self occupied house, deduction will be max Rs. 1.5 lakhs.
In respect of deemed to be let out, no limit.
So, there cannot be a case where assessee has two self occupied houses.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Condonation . E-Verification of last year return .
- TDS Return Q1 FY 2026-27
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
