Interest deduction under income from house property

- In Let Out Property/Deemed to be Let Out – No maximum limit

 -Self Occupied House (SOP) – Rs. 2,00,000. (1,50,000 for A.y 2014-15 and before)

Thank you Manish.

it means the assessee can claim both the interest deduction under the head income from house property?

Yes,assessee can claim both the interest deduction
 

Deduction u/s 24b - Interest on Borrowed Capital 

For Self Occupied property, the maximum amount that can be claimed as deuxtion will be Rs. 200000/-(From AY 2015-16)

For LetOut Property, there is no limit for claiming deduction u/s 24b i.e., We can take deduction of all the amount of interest charged.

Important thing is Interest can be taken as deduction on Accrual Basis.i.e., Interst can be taken as deduction even if it was not paid.

There is no provision that housing loan must be from the banking companies only.