Home loan interest limit for fy 2015-16

For the A.Y 2016-17 relating to the F.Y 2015-16 

Deduction U/S 24 (b) interest on housing loan  the maximum amount is Rs. 2,00,000/- .

Deduction U/S 80C on principal repayment the maximum amount is Rs.1,50.000/-.

Subsequently  i got  below information.  Is this correct??

 Furthermore, the above tax deduction limit u/s 24(b) is applicable only for self-occupied house property. In case of let-out or deemed to be let out house property, interest is deductible fully without any limit.
 

Originally posted by : YASH GANGOOLY
	Let me know the limit to claim income tax rebate for home loan interest paid

Income Tax Benefit on Home Loan Interest under Section 80EE Of Income Tax Act  – Benefit of this section can be  availed by Individual assessee. Deduction under this section is not available for any other assessee (like HUF, firm etc.). Individual can claim benefit under this section only when all the following conditions are satisfied, these are-

• Purchaser should be first time buyer. i.e. he has never purchased any house and now he is going to purchase a house.
• Value of the house should not more than 40 lakh.
• Loan taken by Individual for the purpose of buy a house should not be more than 25 lakh.
• On the date of sanction of loan individual does not have any own residential house property.
• Loan for this purpose taken by individual should be from the Financial Institution or Housing Finance Company.
• For this purpose, loan should be sanctioned between 01.04.13 to 31.03.14.

Assessee can take deduction u/s 80EE on interest payable on home loan upto 1 Lakh in A.Y.2014-15. It can claim deduction in two assessments year. Means if whole amount of interest payable upto 1 lakh is not claim as deduction in A.Y.2014-15 then remaining balance amount upto 1 lakh can claim in A.Y.2015-16.Total deduction under this section shall not be more than 1 lakh.

Yes, No limit if the house is let out & provided it is your 1st  home.

But if it is 2nd Home then Principal repayment U/S 80 C deduction is not applicable.

Yes.  Points to be noted are: 1) Rental income will be an income against interest payment a negative income. Net of them, when negartive,  eligible for exemption without limit. 2) Deemed let out cases, rental income is to be not less than the rent fixed by municipal authorities