Banking · Income Tax Deductions
A client has two self-occupied residential properties and a third property let out to a corporate tenant. For the financial year ending March 2026, the client pays a total annual interest of 5,50,000 across all three properties and a total principal repayment of 3,20,000. What is the maximum permissible deduction the client can claim for interest under Section 24b and for principal under Section 80C, assuming the properties are held for more than five years?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 13,50,000 for interest and 1,50,000 for principal
- 22,00,000 for interest and 3,20,000 for principal
- 35,50,000 for interest and 1,50,000 for principal✓
- 44,00,000 for interest and 1,50,000 for principal
Correct answer
5,50,000 for interest and 1,50,000 for principal
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