Mr. X is owner of a double-storied house. The ground floor is rented to one of the commercial establishment @ Rs. 50,000 p.m., while the first floor is occupied for his own residential purpose. The house is constructed partly with housing loan & partly with own funds. Interest on housing laon is Rs. 4,00,000 p.a. Although major portion of housing loan (app. 80%) is used for construction of the first floor, i.e. self occupied portion.
Mr. X claims interest deduction of Rs. 1,50,000 [maximum u/s 24(b)] related to first floor, i.e. self occupied portion & Rs. 80,000 being proportionate interest on 20% loan used for construction of the ground floor.
Is there any other way to claim full interest deduction of Rs. 4,00,000?
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