Please clarify the amount of housing loan interest eligible for deduction in FY 2017-18.
Two floor house. one floor is let out and one floor is self occupied. .total interest paid 450000..rent received 60000 on let out floor. whether the assessee can claim 200000 under sec 24, 50000 under section 80 EE and 200000 under section 71(3a).
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housing loan interest on part letout and part self occupied
Replies (6)
In case of self occupied u/s 24(b) restricted to 200000
In case of let out u/s 24(b) 450000/2 =225000 can deduct
In case of let out u/s 24(b) 450000/2 =225000 can deduct
since interest on self occupied is above 200000 then additional deduction 50000 allowed u/s 80EE provided that loan sanctioned <= 35lakhs and value of the house<=50lakhs.
please confirm whether the limit of 2 Lac.is applicable for letout floor for. FY 2017-18
Yaa I too have doubt about that for both let out and self occupied , the maximum limit is 2 lakhs.
Is it correct?
For self occupied house the maximum limit is 200000..where as for let out house the maximum limit for CY is 200000.(.last year it was unlimited) .total 4 lac. .plus 50000 if the cost of the house is less than 50 lakh. .and the loan availed is less than 35 lakhs. .during 2016-17..
This clarification was given by ITO.
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