Please Help: taxation --IPCC

Posted Date : 28-Feb-2012 , 02:18:05 pm | Posted By SHIKHA SONI

my query is that
under sec 24(b)of IT Act 1961 the maximum deduction allowed for interest on borrowed capital is Rs 150000 subject to conditions my query is that the above 150000 is in respect of one house property or allowed as total deduction for all house property of an assesee

Category : Income Tax | Answers : 3 | Comments : 3 | Hits : 225

Answers

Answer By: CA. MANISH MALHOTRA

Dear Shikha,

Deduction of Rs. 1,50,000 is for one assessment year in respect of an assesse. It is the maximum limit for which deduction can be claimed under head house property.

It is not in respect of one house, Its overall deduction.

Answer By: Ketan Samdani

The limit of Rs. 1.5 lakh is for self occupied property. For let out property there is no limit on interest. The interest can be claimed yearwise on accrual basis.

Answer By: Siddharth Bumb

the limit of 1.5 lakhs is for self occupied house property for as a.y. it is not for one house property but it is for entire house property (self occupied).... and there is no limit for let out house property....

Comments

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Ravi Kumar Jhamb

28-Feb-2012 , 07:44:16 pm

You can avail 150000 deduction for your own house where u live and it will assumed that other property is used for let out or commercial purpose. For that property there is no limit for deduction it's unlimited. it's also benefit for you. you can migrate House property lose in other sources income.