Can benefit of Self Occupied Property be more than 2 Lakhs?

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  1. Durga Charan Nandi

    Durga Charan Nandi New Member

    I have booked a under construction property and for which I have sanctioned loan Rs 3500000 in April 2015. For part payment of loan on in FY2015-16, I have paid Rs 257000 as interest. This FY 2016-17 I am expecting to get the possession. Interest amount for FY2016-17 will be Rs. 298000. So, how much interest I will get as deduction from my income for the FY2016-17 ? Is there any set off avialable over and above Rs. 200000 against interest payment in FY2015-16 ?
     
  2. V K Khanna

    V K Khanna Active Member

    If the property on possession is self occupied, you can claim deduction of Rs 2 lakh or actual interest paid whichever is less. If the property is let out you can claim deduction for total interest paid during the FY. Interest paid prior to the possession of the property can be clubbed together and claimed as deduction in five equal instalments.
     
  3. Durga Charan Nandi

    Durga Charan Nandi New Member

    In case of self occupied, Can it be possible to claim more than Rs. 2 lakhs which inludes 1/5th part of clubbed interest (Rs. 51400) and current year interest (Rs. 298000) ?
     
  4. V K Khanna

    V K Khanna Active Member

    Sir,

    The maximum deduction available under Sec 24 for self occupied property is Rs 2.00 lakh.
     
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