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What is the tax impact on leased property?- Property Hotline
Posted
July 21, 2016
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221
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July 21, 2016
221
1
0.45%
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4:03
3:42Now PlayingBe Un Confused
Expert: Suresh Surana, Founder of RSM Astute Consulting.
Question: I have property that I bought on a home loan and leased out. Now, I know that I can claim deduction on the principal and interest payment on the loan. My employer agrees with this, but my CA says that the maximum deduction on interest paid as per section 24(b), cannot be more than Rs2 lakhs. What is the specific provision under which the actual loss/profit on leased property bought under housing loan is chargeable against ones income?
Answer: There is an upper limit of deduction of Rs2 lakhs towards interest which applies only in case of self-occupied property. In case of let out property No upper cap for interest amount to claim under deduction. Income for leasing out of residential house property will be taxable u/s 22. There is no limit on interest deduction u/s 24(b).
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