AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Home Loan Interest
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome Loan Interest<br> Query (Issue) Started By: - Shyam Sunder Dated:- 29-7-2013 Last Reply Date:- 30-7-2013 Income Tax<br>Got 3 Replies<br>Income Tax<br>hi, I have two house. One is self occupied and other is deemed to let out. I took a loan for house which is deemed let out. Now, can I claim deduction for Interest for current year along with 1/5th of pre-conustrction period which is exceeds 1.5....
X X X X Extracts X X X X
X X X X Extracts X X X X
....L. For e.g : Current year Interest : 1.80 L 1/5th Pre Conustruction : 25K Can i claim 1.5 L and 25K or 1.5 in totality ? please guide. As for Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.1,50,000. For the other property, you can claim actual interest repaid, there is no limit for the same. [6:42:45 PM] Sastry Boddapati: I think I can c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....laim the entire actual interest paid this year if I treat one house as self occupied and treat this loan house as othe Reply By ROHAN THAKKAR: The Reply: Dear Shyamsundar Ji, The cap of Rs1.5 lakh is applicable only for self occupied property. In case if the house is let out, then there is no cap. Thus, entire interest can be claimed as deduction.. Reply By Shyam Sunder: The Reply: Thanks Sir....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., What about the interest of pre-consutruction period. If house is let out. Thanks, Shyam Reply By ROHAN THAKKAR: The Reply: Dear Shyamsundar Ji, The pre construction interest will be available equally for 5 years i.e., 1/5th every year. However, there is no cap of 1.5 lakhs. Thus, pre construction and post construction interest can exceed 1.5 lakhs and the same will be available if the ho....
X X X X Extracts X X X X
X X X X Extracts X X X X
....use is let out.<br> Discussion Forum - Knowledge Sharing ....