Deduction of Rs. 150000 under house property

Hi , Yes in my opinion in case of reconstruction this much deduction is permissible in case of self occupied house and in any other case  even more deduction is allowed.

You can get the deduction u/s 24(b). Interest on borrowed capital is allowable as deduction on accrual basis  if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

 

Agree with Sanat..........................

Originally posted by : Sanatkumar
	You can get the deduction u/s 24(b). Interest on borrowed capital is allowable as deduction on accrual basis  if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

agreed with

for claiming deduction of interest on borrowed capital interest from the relative is required.

Yes u can claim deduction upto the taxable limit i.e 1.6lac/1.90lacs.

Dear Mukul,

 

According to Section 24(b) of Income Tax Act'1961 maximum amount of deduction claim under this section is Rs.1,50,000.00 forself occupied house and no limit for let out house

• Deduction is available for acquisition,construction,repair,renewal& reconstruction.

well, the deduction for Rs. 150000/- is available for the construction..is it not a case of re-costruction???

interest certificate is required from the relative

my letout property is situtated at jaipur and loan was taken on this property at interest is 453153 then how many deduction under the income tax act sec 24(b)..plz sugest me..

INTEREST ON BORROWED LOAN(U/S.24(b)): FOR SELF OCCUPIED PROPERTY a. If Property is acquired or constructed with loan taken after 01/04/99 and construction is completed within 3 years from the end of the financial year in which the capital was borrowed – Rs.1,50,000 or actual interest paid/payable whichever is less is deductible. b. If new housing loan is taken for repayment of old loan (old loan taken after 1/4/99) – Rs.1,50,000 or actual interest paid/payable whichever is less is allowed as deduction. c. If Property is acquired or constructed with loan taken before 01/04/99, Rs.30,000 or actual interest paid/payable whichever is less is allowed as deduction. d. If loan taken for Repairs, renewal, reconstruction of property, Rs.30,000 or actual interest paid/payable which ever is less is allowed as deduction. FOR LET OUT PROPERTY, actual interest paid/payable can be claimed as deduction. ONLY OWNER OF THE HOUSE PROPERTY CAN AVAIL THE ABOVE DEDUCTIONS.