One of our staff based in Chennai has bought a house in Indore. What is the maximum allowable Interest under IT act .He has got a loan from IDBI and interest for last year is 180k.(2008-09)
Does the location(different from employment) change the exemption limit or the maximum is 150k only.
Limit on Home loan Interest is as follows
If property is self occupied then Max. Rs. 150,000
If property is let out and deriving any amount of rent then their is no limit.
Theit is no effect of change in location.
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