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.
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