Income tax query 1

If you have acquired a house on loan which is rented out, you may claim deduction of actual interest paid and the principal of upto Rs. 100,000/-

Rs 150000 (Now increased to 200000 as per budget 2014), will be maximum interest that can be availed on self occupied property. However for other property which is not self occupied (Or let out), there is no bar on interest limits as it can be claimed on whatever interest being paid to bank.

As regards 80C maximum benefit that can be claimed is Rs 100000 (now Rs 150000 as per budget 2014), however 80C benefit is available on repayment of principal loan on residential properties and not on commercial properties.

agree with above