i am getting conflicting data regarding the limit to tax deduction. there is a 2L limit mentioned in some places, and in others no limit is mentioned, if the house is let out.
please confirm which is accurate. home loan is taken for a house that will be rented out, and the loan amount is 50L, emi will be around 50K with annual outgo of about 4L as interest component. Currently tax paid is around 7L, so can 4L be adjusted with that.
this is the second house taken on loan, and the interest of the previous loan is currently being claimed as deduction. (also rented out)
CAclubindia
