Loss on Housing property

The ceiling limit of Rs. 1,50,000 or Rs. 30,000 is prescribed for self-occupied property  in respect of interest on loan borrowed and it does not apply to a deemed let-out property.

 if the house is a let out one, then there s no ceiling on the interest, only if its self occupied for the whole year(that is not let out  even for a single day ) then the 1.5/30k int ceiling is aapplicable.

 Ceiling limit for interest on borrowed capital is applicable in the case of House property covered under section 23(2) (a) that is in the case

(i) self occupid property

(ii)If  Property could not be occupied due to the resons of employment or business of the owner at some other place [23(2)(b)]

For any other case there is no ceiling limit.

 there is no ceiling limit for let out portions . for self occupied property

Rs. 150,000 - if for construction 

Rs. 30,000 - if loan taken for renewal of the same.

 There is no ceiling limit regarding interest on let out house property. hence deduction can be claimed.. 

ya... it's rite... no ceiling limit for interest in let out property...