Thanks much Tinku for your prompt reply.
Under Sec.24 the max. deduction is Rs.1.5lac towards housing loan. If i have paid Rs.9lacs interest towards housing loan in one FY, is there any way to claim the entire interest paid as deduction?
Deepak Kakkar
this limit of 1.5 lac is only in case of self occupied property. if it is let out for rent then there is no limit for deduction u/s 24, you can claim deduction for total interest amount of a financial year.
The upper celing for deductiion of inteest of Rs1.5 lacs is applicable to only self occupies proprotis. For let out properties the entire interest paid is deductable against property income along with deduction for property tax and the deduction at 30% towards repairs etc. If by allowing such interest as deduction the income from property becomes a negative that if the income from property becomes a loss such loss could be set off against any other income excluding income from capital gainsin the same year and if such loss could not be set of against any other income such income being less than the loss the loss shall be carried forwarded to next year and will be given a set off against income from house property and such carried foarward benefit is available for eight assessment years immediately succeefing the assessmetn year for which such loss from property was computed.
N. Siva Prasad .
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