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Deduction of Housing Loan
An assessee has 2 properties, so one property will be self occupied and another will be deemed let out. For both the properties Housing Loan is there. so, now the question is... can assessee take deduction of Interest and Principal under House Property and U/S 80C respectively ?
Replies (3)
Yes...
He can avail the benefit of deductions under sec 24b and 80C...
Principal Under 80C - Limit is applicable Rs. 1.50 Lakhs...
U/s 24b :
Self Occupied - Rs. 2.0 Lakhs...
Let Out - Can be avail Full Interest...
He can avail the benefit of deductions under sec 24b and 80C...
Principal Under 80C - Limit is applicable Rs. 1.50 Lakhs...
U/s 24b :
Self Occupied - Rs. 2.0 Lakhs...
Let Out - Can be avail Full Interest...
yes brother
DEDUCTION FOR INTEREST UNDER SEC 24(B) IS AVAILABLE AS FOLLOWS:
SELF OCCUPIED- 1. LOAN USED FOR REPAIR, RENEWAL OR RECONSTRUCTION OF HOUSE PROPERTY = MAX. 30000
2. LOAN USED FOR ACQUISITION OR CONSTRUCTION OF HP = MAX. 200000
IF ACQUISITION OR CONSTRUCTION IS NOT COMPLETED WITHIN 5 YEARS FROM THE END OF F.Y IN WHICH LOAN WAS TAKEN THEN MAX. DEDUCTION ALLOWED WILL BE 30000.
DEEMED LET OUT- FULLY ALLOWED.
DEDUCTION FOR PRINCIPAL REPAYMENT IS ALLOWED UNDER SEC 80C = MAX. 150000
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