Non self occupied property exemption limit under LOHP (Sec 24)

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  1. vasan2815

    vasan2815 New Member

    Hi All,
    I have a query on section 24 LOHP.
    I have a house in chennai but very much away from my work address and hence I am not staying in there. Also it is a chennai suburb and away from chennai city limits. But my apartment complex has chennai pincode only.

    My question is : why not consider this as a non self occupied property and provide me no limits on exemption under section 80c?
    Could you pls explain under what circumstances we get unlimted tax exemption on LOHP under section 24?

    Thanks
    Vasanth
     
  2. Shishir Nayak

    Shishir Nayak Member

    U/s 24b intrest on loan is allowed as deduction not prinicipal amount. If it is a property other than self occupied property than any amount of interest can be allowed.

    U/s 80C the prinicipal amount of loan allowed as deduction but upto maximum of 200000.
     
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