Home loan interest

If i have 2 house property from which i will consider 1 property as a deemed let out,

now my querry is whether interest which i paid on home loan is exempted u/S 24B or not?because i had not given that property on any rental..

So whether i can claim interest paid as exemption or not?

Replies (9)

2L ;limit on interest claim, principle under 80C

Interest on deemed let out property can be availed as
In case of a let out or a deemed to be let out property, the entire interest is allowed as deduction under section 24. You can start claiming this interest when the construction of your property is complete.
maximum limit of RS.2 lacs is not applicable in deemed to be let out or let out property cases .

But my question is whether I can claim interest as a deduction without any receipt of rent on such let out property?

it is deemed to be let out not actually let , so I couldn't have a rent receipt.
you are required to deduct interest amount from gross annual value

Dear Friend,

For self-occupied property, Interest claimed u/s 24B is Rs. 2 Lakh.However, there is no limit of interest for let-out or deemed let-out property.

Hence, for tax planning purpose, you can treat DLOP of property whose interest paid is higher.

Regards,

Hardik Joshi

 

consider the property with the highest GAV as self occupied

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