While computing income chargeable to tax under the head “Income from house property” in the case of a let-out property, how much interest on housing loan can be claimed as deduction?
FAQs on Income from house property
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Interest deduction on let-out property: unlimited deduction available under section 24(b); limits apply to self-occupied property. Deduction for interest on housing loans for purchase, construction, repair, renewal or reconstruction of a let-out property is allowable under section ... Summary
Interest deduction on let-out property: unlimited deduction available under section 24(b); limits apply to self-occupied property.
Deduction for interest on housing loans for purchase, construction, repair, renewal or reconstruction of a let-out property is allowable under section 24(b) against income from house property, and no monetary ceiling applies to let-out properties; by contrast, prescribed limits on interest deduction apply to self-occupied properties.
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