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Murali (Teacher)     01 February 2014

House loan interest

Dear Sir 

 I have a housing loan and got Rs 1,95000 as an interest paid by me to the reputed bank, U/S 24(b) How much I can avail deduction, my loan is self occupied loan 



Learning

 3 Replies

CA. Devanand Jethanandani (Chartered Accountant)     02 February 2014

Hi Murali,

 

You can claim Rs.1,50,000/- u/s 24(b)

 


Thanks,

CA. Devanand

sreekanth (Assistant Manager- Taxation)     05 February 2014

You can claim Interest of Rs. 1,50,000 under section 24 of income tax act. Refer section analysis of 24 on https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-24

 

If this is a New Loan, granted between April 2013 to March 2014 , then if the below mentioned conditions are satisfied, then the balance 45,000 (I.e 1,95,000 - 1,50,000)  can also be claimed under section 80EE Of Income tax Act. This is a new section inserted by Finance act 2013 & Applicable for Financial year 2013-14, Where you can claim Additional House loan interest up to Rs. 1,00,000.

However the below conditions should be satisfied 

 

(i) the loan has been sanctioned by the financial institution during the period beginning on the

1st day of April, 2013 and ending on the 31st day of March, 2014;

(ii) the amount of loan sanctioned for acquisition of the residential house property does not

exceed twenty-five lakh rupees;

(iii) the value of the residential house property does not exceed forty lakh rupees;

(iv) the assessee does not own any residential house property on the date of sanction of the

loan

 

 

Gaurav Gulati (CA)     07 February 2014

Dear Murali,

If the house is let out, then you can claim Rs. 195000/- u/s 24/  However, if it is self-occupied then max. interest benefit is Rs. 150000/-. However benefit u/s 80EE is also available for the remaining Rs. 45000/- provided the conditions laid down in the section are met.


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