A.C.A. (ICWAI)
1686 Points
Posted on 11 July 2011
Deduction is available in computing the income from house property
24(b) Interest payable on capital borrowed for acquisition, construction, repairs renewal or reconstruction of house property.
Deduction is allowed whether it is let out property or self occuiped.
SOP : The maximum limit for interest in case of self occupied property is150000/- provided if loan is borrowed towards
if it is towards repairs , renewals it is30000/-.
Consturction or acquisition of house which is completed with in 3 years from the end of the financial year in which capoital was borrowed and a certificate is requird to be provided.
for LET out property there is no limit.