the assessee ia already having a self occupied house property and planning to buy another one (in another city for self occupation) with borrowed fund.query is whether the interest paid on loan for acquiring the second property can be claimed u/s 24 of the income tax act ?
Yes, it is allowed
Yes it can be allowed as deduction u/s 24
It cannot be allowed under section 24.
It is allowed under section 24
Where the person has occupied more than one house for residential purpose , only one house is treated as self-occupied and other house will be treated as deemed letout..........(according to assesse choice). as per section u/s 24(b), interest on borrowed capital deductible.......
I agree with Mr. Nageswara Rao. When A assesee has more then 1 self occupied house, assesee can claim self occupied house only for 1 house at his option
In Any case interest will be allowed
yes, interest on loan borrowed for the purpose of purchase or construct a house is allowable as deduction U/S sec 24 of income tax there is no limit for no of houses or no of loans but maximum interest deduction allowable is rs.150000/-
yes it is allowed as per the choice of the assessee one house is treated as deemed let out
| Originally posted by :Madhu Soodan Tapuriah | ||
| " | the assessee ia already having a self occupied house property and planning to buy another one (in another city for self occupation) with borrowed fund.query is whether the interest paid on loan for acquiring the second property can be claimed u/s 24 of the income tax act ? yes u can avail it u/s 24 | " |
U\s 24b interst is allowed for deduction fron n.a.v
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