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Income from house property

Treatment of interest

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G. @95148

G. @95148

CA Inter

1K+

15-Mar-21 13:46

27

Answers (5)

Can you elaborate your query?


Suraj Lakhotia

Suraj Lakhotia

Admin

15-Mar-21 14:12

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


G. @95148

G. @95148

CA Inter

1K+

15-Mar-21 14:25

Can you elaborate your query?

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


G. @95148

G. @95148

CA Inter

1K+

15-Mar-21 14:27

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

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

sudha reddy

Moderator

16-Mar-21 10:33

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