Is exemption limited calculated separately for 2 houses

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  1. Dinesh Kumar

    Dinesh Kumar Member

    SIR I HAVE TWO HOUSE PROPERTY. ONE IS SELF OCCUPIED AND ONE IS LET OUT PROPERTY. I BORROWED HOUSE LOAN FOR BOTH THE PROPERTY. CAN YOU TELL ME WHAT IS THE EXEMPTION LIMIT FOR AY 2015-16 SEPARATELY FOR BOTH THE HOUSES.
     
  2. Sumit Agarwal

    Sumit Agarwal Active Member

    Exemption limit for interest paid on borrowed loan for the acquisition of house property in the previous year for the let out house property is unlimited means the interest paid by you in the previous year would be fully deductible. If your house property is self occupied than interest upto 1,50,000 would be allowed as deduction. From AY 2016-17 the aforesaid limit had been increased to 2,00,000.
     
    gaurav_kumar likes this.
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

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