Quantum of interest deductible if house is given on rent

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  1. divyamilan

    divyamilan New Member

    Dear Sir,

    I have a salary income of Rs. 10lacs. Rs. 1 lac I rec. as a rent. In housing load the interest component is
    Rs. 4 lacs. How much int. amt, i will get as a deduction ?

    ( Only Rs. 1.5 lacs or full Rs. 4 lacs).
     
  2. Neha Sharma

    Neha Sharma Active Member

    There is no maximum limit on deduction allowed in case of rented property.

    In your case, total deduction of Rs 4 Lacs wld be allowed
     
  3. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    @divyamilan

    Salary Income.........................................................10,00,000

    Income From House Property:-
    ..Rent Reveived.............................1,00,000
    Less: Deductions u/s. 24 :-
    ..(-) Interest Paid on HL.............(4,00,000)..........(3,00,000)
    ..................................................................................
    = Taxable Income (Rs.)...........................................7,00,000
    ..................................................................................
    Tax Will come on Rs. 7,00,000 /-

    * Pls. Note Figures with Bracket Indicates Negative Figure.

    * Interest Paid on Housing Loan will allow Full, only if,... that same loan has been taken for Rented Property, from which you are receiving rent...

    * If Interest Paid on Housing Loan is taken for Self Occupied or DLOP than the Interest will be Maximum Rs. 1,50,000 /-
     
    Neha Sharma likes this.
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