Financial Daily from THE HINDU group of publications
Sunday, Dec 04, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 04, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Maximum deduction on housing loan T. Banusekar
WHAT is the maximum amount of deduction that I can get in respect of interest on the housing loan? Vidya Reply Interest on capital borrowed for purchase or construction can be claimed as a deduction without any limit where a property is let out. In case the property is self-occupied, the annual value will be taken as nil and the interest on the capital borrowed for purchase or construction can be claimed as a deduction subject to a maximum of Rs 1,50,000 (Rs 30,000 if the loan is taken before April 1,1999 or if the construction or purchase is not complete within three years from the end of the financial year in which the loan is taken).
Mail your queries to taxtalk@thehindu.co.in or by post to Tax Talk', Business Line, Kasturi Buildings, 859, Anna Salai, Chennai-600002.
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