I am a CA Inter Student
I had learn't that the maximum limit of deduction under section 24(b) for Self Occupied House Property (maximum 2) is Rs. 30000. However assessee can claim a deduction of 2,00,000 if three conditions are satisfied:
1. Loan must be for purchase or construction of HP
2. Loan must have been taken before 1.4.1999
3. If loan is for construction then it must have been completed within 5 years from the end of f.y. in which loan was taken.
My doubt is that, this limit for 30000 or 200000 is for 1 HP or for both HP. Suppose I took a loan of Rs. 20000 for repairing one and Rs. 100000 for purchasing another. So how much exemption I will get?
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