Did you know that there is no cap on Interest on non-occupied self-owned property?

Self occupied residental property which Cannot be occupied for some reason:

Where the owner has only one residental House which cannot be occupied by him Owing to his employment, business or Profession, carried on at any other place, And he has to reside at that other
place in A building not belonging to him, the annual Value of such a house shall be taken to be nil.

Provide that the house is not actually Let and no other benfit there form is derived by the owner ignoring the Fact of self occupation of such Property For any part of the year. Sec 23(2) (b) and
23(3).So it can be treated as self Occupied property.

Self occupied propertie, No deduction is allowed under sec 24(1) by way of repairs,Insurance premium, etc. in respect of self Occupied property whose annual value has been taken to be nil under
sec 23(2)(b).(properties which cannot be actually Occupied for reasons of employment or Vocation, but no other benfit is derived There form)

However a maximum deduction of Rs.30,000 by way of interest of Borrowed capital for acquiring, Construction, repairing , renewing Or reconstructing the property is Available in respect of such properties.

In case of self occupied property Acquied or constructed with capital Borrowed on or after 1.4.1999 and The acquistion or construction of The house property is made within 3 years from the end of the Financial Year in which capital was borrowed.