Dear All,
I have 2 queries.
1. What is the maximum allowable deduction u/s 24b incase of letout residential property?
2. Can we claim deduction under section 80 c for the repayment of housing loan against commercial property?
Regards
Shahad
Article Trainee
Maximum ceiling:
Maximum tax deduction for repayment principal component of home loan can’t exceedone lakh under section 80c.
Housing loan interest deduction, on the other hand, is allowed up to a maximum amount of1.5 lakh under section 24(b). However, the acquisition or construction of the house property should be completed within 3 years from the end of financial year in which home loan was taken; otherwise, the amount of interest benefit allowed is only up to30,000.
Furthermore, the above tax deduction limit u/s 24(b) is applicable only for self-occupied house property. In case of let-out or deemed to be let out house property, interest is deductible fully without any limit.
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