Deduction of home loan interest

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Financial advisor
592 Points Posted on 01 October 2020

Dear expert,

Can an assessee claim deduction for whole interest paid on home loan if only one room has been let out during previous year?

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On 01 October 2020 at 12:46 Report
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Quick Summary
If you've let out a room in your home while paying a mortgage, you can still claim a deduction on your home loan interest. The deduction is calculated proportionately based on the area let out versus the area you occupy yourself. For the let-out portion, there's no limit on the interest deduction, but for the self-occupied part, the maximum claim is £200,000.

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B.Com
136 Points Posted on 01 October 2020
If the loan is taken for house property as a whole, then interest deduction will be available proportionately i.e. the area given on rent and area self occupied

in case of let out portionthere is no limit for interest deduction and

in case of self occupied portion upto rs. 200000 can be claimed
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On 01 October 2020 at 13:03
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Tax consultant
5895 Points Posted on 01 October 2020
You can claim interest but you have to show both
let out as well as self occupied
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On 01 October 2020 at 14:38

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