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What is the House loan interest ceiling for IT deduction if the own house is given on rent?Is it above 1.5 lac

A person has taken housing loan from bank. He is not residing in the new house due to business relocation and gave his new house on rent. Can he avail the interest benefit for IT deduction more than 1.5 lac if he shows the rent collected as income. Kindly clarify

Public Comments

1. No Ceiling,Actual interest is deductible.The ceiling of Rs.150000 is only for self occupied houses.
2. For the income from Rented property in India, you can deduct municipal taxes, standard deduction, interest on borrowed capital. Read this http://mytaxes.in/index.php?topic=5.0
3. For deduction of housing loan interest u/s 24 there is no limit for interest deduction for let out house property and for self occupied house property the limit is Rs. 1.5 Lacs Yes you can claim deduction of interest against rental income
4. The Limit of 1.5 lakh is only for the self occupied house otherwise on rented house or deemed to be rented house you can claim Interest without any LiMit Thanks