Deduction for Flat self Occupied

If there is any rental income from house property, "gross rent less municipal taxes actually paid" is taxable. No repair exp can be claimed. However a standard deduction of 30% is available u/s 24(a). Also if assessee is paying any intt on housing loan taken on the said property then same is deductible-

fully-if property is let out

intt actually paid subject to max limit of Rs. 150000/ -- if self occupied.

Now in your case, as property is self occupied and you are paying housing loan intt. then u can take deduction u/s 24(b) as stated above.

Originally posted by : Nitu Agarwal
	If there is any rental income from house property, "gross rent less municipal taxes actually paid" is taxable. No repair exp can be claimed. However a standard deduction of 30% is available u/s 24(a). Also if assessee is paying any intt on housing loan taken on the said property then same is deductible- fully-if property is let out intt actually paid subject to max limit of Rs. 150000/ -- if self occupied. Now in your case, as property is self occupied and you are paying housing loan intt. then u can take deduction u/s 24(b) as stated above.

agreed               

Originally posted by : Nitu Agarwal
	If there is any rental income from house property, "gross rent less municipal taxes actually paid" is taxable. No repair exp can be claimed. However a standard deduction of 30% is available u/s 24(a). Also if assessee is paying any intt on housing loan taken on the said property then same is deductible- fully-if property is let out intt actually paid subject to max limit of Rs. 150000/ -- if self occupied. Now in your case, as property is self occupied and you are paying housing loan intt. then u can take deduction u/s 24(b) as stated above.

AGREED COMPLETELY.

If u take the loan for acquisition or construction of ur house.

the house is constructed within 3 years from the date of loan taken

loan is taken after the P.Y.1999-2000

than if all the above conditions are satisfied than the assessee can claim a deduction on int on capital borrowed beyond  Rs. 30000 and upto 150000/-