Income from house property

Can you elaborate your query?

CA Suraj Lakhotia

Admin

15-Mar-21 14:12

Regarding Amount of interest to be deducted u/s 2r (b)

Thread Starter

G. @95148

CA Inter

★ 3K+

15-Mar-21 14:25

Regarding Amount to be deducted as interest u/s 24(b)

Thread Starter

G. @95148

CA Inter

★ 3K+

15-Mar-21 14:27

Interest on home loan is allowed as deduction u/s 24(b) and not the interest on interest. Self occupied - Rs.2,00,000 (max) but Rs.30000 if loan is prior to 1/4/99. Let - out or deemed let out - the entire interest on the home loan is allowed as a deduction. The interest limit is applicable per assessee i.e. in case of joint owners both the home loan bearers are entitled to claim the interest separately in their income tax returns provided both of them are legal owners of the property.

Sudha Reddy

CA Final

★ 20K+

16-Mar-21 10:33

Please go through the modules for detailed explanation

Sudha Reddy

CA Final

★ 20K+

16-Mar-21 10:34