Interest on residential property

sir, while thanking you for reply, i want to know whether there is any way to allow rs. 50 lac interest on residential propert loan in income tax returns as tax planning.as the amount is much high in comparision of 1.5 lac as suggested by you.

yes, it is payable rs. 50 lac per year (property loan rs. 5 crore  @ 10% p.a.)

If the property is self-occupied, the deduction one can claim cannot exceed Rs. 1.5 lacs. However, if the property is let out, then deduction toward interest shall be the interest actually paid. 

Mihir is right