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Housing loan interest more than 2 lac

RAKESH UPADHYAY (SR.CLEARK) (147 Points)

06 June 2019

Is it possible to carry forward housing loan interest more than 2 lac as loss from housing property as self occupied?

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9 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 06 June 2019

not possible.as act has prescribed the limit of 2lacs only

rama krishnan (12234 Points)
Replied 06 June 2019

yes you can carry forward

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

rama can you please quote relevant section case law where it says that interest in excess if 2lacs can be c/f

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 07 June 2019

Mr. Giridhar please refer section 71B

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 07 June 2019

that is related to loss to be c/f. Rakesh is asking if he can c/f interest paid on home loan in excess of 2lacs during the year.
the act provides to claim interest only upto 2lacs during the year. suppose if interest paid during the year is 250000 then it can be claimed only upto 2acs and if any remaining unabsorbed out of 2lacs it will be c/f
@ Rakesh hope your query is related to the above.