Income from house property- section 24(b)

PARAG KHANDELWAL (Student CA IPC / IPCC) (24 Points)

27 October 2012  

I want to ask a question related to section 24(b), of income tax. I want to know that;

If i have one self occupied house on which i am paying INTEREST of Rs. 85,000 p.a. and i have another house which is under construction, which will be going to complete in next year upto jan -13, on which also the loan is taken by me, EMi will start in next month. and its interest also comes approx. Rs. 90,000 p.a., so my question is that for the A.Y. 2013-14 how much deduction i can claim under section 24(b), wheather the limit of 1,50,000 is for each huse loan or for all the house. Pls. clarify my query.

Thanks & Regards