Deduction u/s 24b

Dear All 

Is deduction u/s24b for interest paid on home loan is available for self occupied houses also?

Thanks

Replies (7)

24b claim is available for loan taken for purchase/construction of home, irrespective of fact that its self occupied or let out. 

Agree with above

yes

however the maximum deduction in case of self employed house will be Rs.30,000 or Rs.150,000(subject to some conditions)

yes available                                              

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.

yes deduction for interest u/s 24(b) is available for self occupied houses too.

However, the maximum amount of deduction available is rs.30,000 per year.

This amount is increased to rs. 1,50,000 if

-loan is taken for construction or purchase of house and

-such construction or purchase is completed within 3 years. 

yes

it is avilable for selfoccupied house...

loan before 1/04/1999-30,000 (for construction and repair)

loan after 01.04.1999-1,50,000(for construction if construction completed with in 3 year of takin loan)...30,000 in any other case

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