Most taxpayers are aware of the fact that interest paid on a housing loan, or any other loan taken for the acquisition of a residence, is deductible while computing income under the head ‘income from house property’. While there is a limit of Rs.2 lakh for deduction of such interest if the house is a self-occupied property (whose annual value is therefore taken at nil), there is no such limit if either the house has been let out, or the notional annual value of the house has been offered to tax.
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