Accounts Manager
298 Points
Joined January 2010
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.