I have purchased a house property for which I have taken a bank loan. Pl advise whether the full amount of interest is eligible for deduction ( as is being claimed by many of my colleagues ) or there is a limit of Rs 150000/- to it.
Thanks and Regards.
hi Arun,
the Deduction for interest depends upon the nature of the House Property . If it is Self Occupied, then there is a ceiling of Rs 150000. However where the house property is Let Out, The Entire amunt of interest is allowable.
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