If company have purchased two properties through Bank Loan and paying EMI on both properties. One property is rented out (showing income in computation) and second one is self occupied(Company Guest House). Whether Income Tax will allow Interest on Loan for both properties ?
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Interest on self occupied property
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INTEREST ON LET OUT PROPERTY IS FULLY ALLOWABLE
ON SELF OCCUPIED PROP IT IS LIMITED TO MAX. OF 1,50,000.00 (A.Y. 2014-15) AND 2,00,000.00 (A.Y. 2015-16) (IN CASE OF CONSTRUCTION / PURCHASE AND 30,000.00 IN CASE OF OTHER SORT OF LOANS
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