Sec 24 b interest

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MBA
24 Points Posted on 10 January 2015

I have 2 houses.

House 1 - I have let out this  and get rent of 1.2 lakh every year on one house.

For House 2, i pay home loan interest of 5 lakh per year. This is self occupied

Can I show losses under Sec 24  as 3.8 lakh

Interest paid(House 2) -  Income received(House 1)

5lakh - 1.2 lakh = 3.8 lakh

 

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On 10 January 2015 at 20:15 Report
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ADVOCATE- TAXATION ADVISOR
427 Points Posted on 10 January 2015
No you can claim deduction for interest only to the extent of Rs 1.50 Lacs ( 2 lac for the fy 2014-15)
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On 10 January 2015 at 22:22

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