Home loan interest deduction under sec 24(b)

No I don’t think its permissible at the same time.

Hi

Not possible. The limit of 150,000 is comprehensive whether u take one loan or 100 and whether u take one loan for purchase and second for repairs. So limit of 150,000 is maximum for all purpose of loans.

Regards,

Manoj B. Gavali

Thanks for the prompt replies.

It would mean that for a self occupied property

interest on loan for construction + interest on loan for repair + pre EMI/5 <= 150000

Intt on loan for Repair of house is not allowed only intt/. for cons. or purchase of house is allowed............

As Per Sec 24b...............

So in this way you will noty be able to claim ded. on any amount of  intt. od loan you took for cons. of house.............

Only a maxmimum of Rs. 1.50lakhs is permissible irrespective of number of loans As said by manoj....

a maximum of 150000 would be permissible u/s 24(b).

further the construction shud b completed within 3 yrs frm d yr d loan was taken.

here 6 yrs info is relevant..

IS interest on loan taken from relative for purchase of house is permissible for deduction u/s 24?

No probs u can take loan from your relative and you will get deduction under Sec-24.

Originally posted by : Rahul Mhabde
	IS interest on loan taken from relative for purchase of house is permissible for deduction u/s 24?

yes....

Only u have to obtain a valid certificate of Interest from the borrower...

Originally posted by : Rahul Mhabde
	IS interest on loan taken from relative for purchase of house is permissible for deduction u/s 24?

yes....

Only u have to obtain a valid certificate of Interest from the borrower...