PLEASE GUIDE
IS THE MAXIMUM DECUTION OF Rs:2,00,000(F.Y 2014-15) PERMISSIBLE TOWARDS HOUSING LOAN INTEREST INCLUSIVE OF PRE -EMI (WORKED OUT IN 5 EQUAL INSTALMENTS)?
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Housing loan interest
Replies (4)
Yes it is also included for the calculation of interest deduction in case of self occupied
The pre-construction interest is allowed upto a limit of Rs 2 Lakhs including the current year interest payment on home loan. This can be claimed only after the house is ready and possession is taken over. If the house has been let out, the taxpayer can claim the entire interest component as deduction from the rental income without any restriction.
Here i have question on same whether interest on additional loan taken for construction of house property which is let out???
If the house has been let out, the taxpayer can claim the entire interest component as deduction from the rental income without any restriction.
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