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House Property - Interest on Loan



Is limit of INR 2 Lac for interest on loan applicable if the property is rented? (Assuming the individual only has 1 Property)
 
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Content Writer

I don't remember properly how many I pay last time when I bought residential plots in Nagpur. If possible why don't you ask your nearby agents?

 
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i want to know within section 24, is there limit on claiming interest on loan of property for 2 Lac?
I know this restriction on loan interest applies for self occupied house
 
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KVO Merau Kutchh

For rented property, total amount of interest paid over home loan is availed as deduction first.........

After deducting the rental income from it, max. upto 2 lakhs is allowed as loss from house property, and additional if any, is carried forward.

 
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so you mean even for rented property, max loss on house property allowed is INR 2 Lac?
 
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"Do the Right Thing...!!!"

 
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student

if the property is let out - u can claim interest without any limit u/s 24(b)
if the property is self occupied
loan taken for purchase or construction Max 2 lakh
loan taken for repair or renovation
Max 30,000
 
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I just read max loss on house property that can be availed is 2 Lac wef FY 2017-18
 
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KVO Merau Kutchh

 
I just read max loss on house property that can be availed is 2 Lac wef FY 2017-18

 

Yes, correct. Maximum loss under the head income from HP is capped at 2 lakhs, whether it is for single or multiple house properties, Self occupied or rented, and the balance is carried forward.

 
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mr. dhirajlal, could you please provide the proviso under which it is mentioned that only 2 lakhs can be claimed for let out property?
 
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