Home Loan Interest

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hi, I have two house. One is self occupied and other is deemed to let out. I took a loan for house which is deemed let out. Now, can I claim deduction for Interest for current year along with 1/5th of pre-conustrction period which is exceeds 1.5L. For e.g : Current year Interest : 1.80 L 1/5th Pre Conustruction : 25K Can i claim 1.5 L and 25K or 1.5 in totality ? please guide. As for .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.1,50,000. For the other property, you can claim actual interest repaid, there is no limit for the same. [6:42:45 PM] Sastry Boddapati: I think I can claim the entire actual interest paid this year if I treat one house as self occupied and treat this loan house as othe - Reply By ROHAN THAKKAR - .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... The Reply = Dear Shyamsundar Ji, The cap of Rs1.5 lakh is applicable only for self occupied property. In case if the house is let out, then there is no cap. Thus, entire interest can be claimed as deduction.. - Reply By Shyam Sunder - The Reply = Thanks Sir, What about the interest of pre-consutruction period. If house is let out. Thanks, Shyam - Reply By ROHAN THAKKAR - The Rep .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ly = Dear Shyamsundar Ji, The pre construction interest will be available equally for 5 years i.e., 1/5th every year. However, there is no cap of 1.5 lakhs. Thus, pre construction and post construction interest can exceed 1.5 lakhs and the same will be available if the house is let out. - Home Loan Interest - Query Started By: - Shyam Sunder Dated:- 29-7-2013 Income Tax - Got 3 Replie .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X