Under Section 24, homeowners can claim a deduction for interest payments up to Rs2 lakh on their home loan, if the owner or his family resides in the house property. The deduction of up to Rs 2 Lakh applies even when the house is vacant. If you have rented out the property, the entire home loan interest is allowed as a deduction.
What does entire home loan interest mean? if it is more than 2 lakh that also we can claim?
Menu
Sec 24 limit
Replies (2)
Quick Summary
In case of self occupied property you can claim maximum deduction of rs.200000 not more than this .
but in case of let out ,demmed to be let out ,partly let out or partly self occupied in all these case there is not maximum limit you can take deduction of actual intredt paid u/s 24 (b)
but in case of let out ,demmed to be let out ,partly let out or partly self occupied in all these case there is not maximum limit you can take deduction of actual intredt paid u/s 24 (b)
Thank you 😊
Recent Topics :
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
- Submission for Expert Opinion on Rectification of
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
Related Topics :
CAclubindia
