TaxTMI 
TaxTMI 
Applicability of Interest deduction
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....pplicability of Interest deduction<br> Query (Issue) Started By: - Rahul Bagaria Dated:- 30-3-2009 Last Reply Date:- 1-4-2009 Income Tax<br>Got 3 Replies<br>Income Tax<br>Under the IT Act, deduction o....
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....f pre possession EMI interest can be claimed in 5 equal instalments for self occupied property.However is the same law applicable to self occupied property, if so then is it restricted to Rs.1,50,000 ....
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.... Reply By CA GOPAL JI AGRAWAL: The Reply: Rahul Ji Whether the property is self occupied or let out, the provisions are same. Of course, the limit is Rs. 1.50 lac in both cases. Reply By CA GOPAL JI ....
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....AGRAWAL: The Reply: Further to my view, the restriction of Rs. 1.50 lac is applicable to self occupied house only not on let out one. Reply By Ravi Chopra: The Reply: Yes, you can claim the benefit of....
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.... interest paid prior to possession related to that property, in five equal installments. There is no ceiling limit in case of rented property. But in case of self occupied property the limit is Rs. 1.....
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....5 lakhs. I agree with the view of CA Gopal Ji Agrawal.<br> Discussion Forum - Knowledge Sharing ....