New IT rules for home loan benefits

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New IT rules for home loan benefits

Hi, I have a house for which I am paying rs4lakh as interest. This is a let out property, rent of RS 5k for month. As per the old home loan rule, I was able to get tax deduction on the entire loan interest. Now the rule how it will affect me.
Regards, manas

Profile photo of manas sahoo Asked By: manas 1 replies 0 helpful answers Last Updated: 3 months, 2 weeks ago
  • Profile photo of manas sahoomanas
    Participant

    Hi, I have a house for which I am paying rs4lakh as interest. This is a let out property, rent of RS 5k for month. As per the old home loan rule, I was able to get tax deduction on the entire loan interest. Now the rule how it will affect me.
    Regards, manas

  • Profile photo of Neha JoshiNeha Joshi
    Moderator

    According to the newly proposed budget 2017 you will be able to claim only Rs 2 lakhs as deduction from salary income . This is because the loss from house property that can be set off against any other income in a year is now capped at 2 lakhs only.

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