Letout interest on home loan

I have a doubt regarding interest on home loan component – we can get deduction upto 2 lakhs but as per your tax sheet it shows different amount. For Eg- One employee receiving rent income of Rs.24000 so we can claim 30% standard deduction on that i.e.7200/-. He pays interest on Letout property Rs.2,20,000 so we should get deduction upto 2 lakh but in your tax calculator it shows 2,16,800/- Please clarify as soon as possible.

asked Mar 16 '18 at 15:52 by varsha 11

Max loss from house property can be 2 lakhs for a let-out property.

Income from house after deduction = 16,800
Interest paid = 2,20,000
Loss from house property = Min (2,00,000+rental income after deduction, actual interest paid)

answered Mar 16 '18 at 16:15 by Pankaj Batra 5.2k320

Can you provide me the provision of your formula under income tax.
(Mar 24 '18 at 15:34) varsha

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Asked: Mar 16 '18 at 15:52

Seen: 1,479 times

Last updated: Jun 06 '18 at 10:26

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