Hi,
An assessee owing a single House Property and he let out the same for rent. He is residing in a rental house due to some personal reasons. Now my question is, the assessee is getting rental income and he wants to claim the deduction U/s.24B interest on Borrowings more than 150000. Whether he can claim the deduction above 1.5lakhs?
Or he has to treat the house as self occupied, show the income and claim the deduction upto Rs.150000?
Since your client is showing Rental Income, he can claim Interest 'up to any limit'. There is no cap in this
Refer section analysis of section 23 , which gives the mode of calculating house property income https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-23
Also you may refer section 24 on https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-24
PARV & Co.
New Delhi
CA Inter
View Details
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
