Maximum limit of houseing loan interest.

Let out property : No limit on interest claimed..

Self Occupied.. Limit is Rs.150000/-

I agree with Amreen

For self-occupied - it is 1,50,000

For let-out - it is - No Limit

For more kindly refer this link: https://www.charteredclub.com/tax-benefit-on-home-loan/

thaks for reply.

One Property purchases its property have name of three person have self occopied. Interest on laon paid  500000/-  can i seperate interest claim Rs. 1,50, 000/- Each person or not.

Please advice

Thanks in advance.

Interest can be taken as per owner basis

Deuduction of Interest on Housing Loan under section 24:-

1) If Loan taken before 1st April 1999:-

A)Purchase/Acquisition/Construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

B) Repairs/Renewals/Re-construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

2) If Loan taken on or after 1st April 1999:-

A)Purchase/Acquisition/Construction (Provided Purchase/Acquistion/Construction should be completed within 3 years from the end of the FY in which capital borrowed, If not then limit will be Rs.30,000/- for belowmentioned) :

a) Self Occupied: Rs.150,000/-

b) Let Out: No Limit

B) Repairs/Renewals/Re-construction:

a) Self Occupied: Rs.30,000/-

b) Let Out: No Limit

Sec. 26 deals with the Property owned by Co-owners, In such case each co-owner will be eligible for deduction seperately and not jointely.

thanks