BENEFIT OF 2 HOUSING LOAN
This query is : Resolved
09 December 2009
IF PERSON HAVE TWO HOUSE AND PAYING EMI FOR BOTH HOUSE CAN HE GET DEDUCTION BENIFITE FOR BOTH HOUSE ?
09 December 2009
TOW TYPE OF DEDUCTION IS ALLOWED
ONE INTEREST OF LOAN U/S 24
SECOND PAYMENT OF PRINCIPAL AMOUNT OF HOUSING LOAN U/S 80C.
INTREST OF BOTH LOAN ALLOWED IN CASE OF SELF OCCOPIED HOUSE MAXIMUM DEDUCTION Rs.150000.AND ANOTHER HOUSE WHOLE INTREST AMOUNT.
PAYMENT OF PRINCIPAL AMOUNT OF LOAN ALLOWED ONLY ON ONE LOAN THAT IS TAKEN FOR SELF OCCUPIED HOUSE.
ONE INTEREST OF LOAN U/S 24
SECOND PAYMENT OF PRINCIPAL AMOUNT OF HOUSING LOAN U/S 80C.
INTREST OF BOTH LOAN ALLOWED IN CASE OF SELF OCCOPIED HOUSE MAXIMUM DEDUCTION Rs.150000.AND ANOTHER HOUSE WHOLE INTREST AMOUNT.
PAYMENT OF PRINCIPAL AMOUNT OF LOAN ALLOWED ONLY ON ONE LOAN THAT IS TAKEN FOR SELF OCCUPIED HOUSE.
09 December 2009
Out of two houses, only one house according to one's own choice is treated as self-occupied and the second house is treated as let out.
Interest on House Loan: For self-occupied house, Interest is allowed upto Rs 150000. For let-out house, Interest is allowed to full extent
Repayment of Principal qualifies for Deduction u/s 80C upto Rs 100000 both in respect of self-occupied house and let-out house. "..the tax benefit under section 80c remains same irrespective of whether the house property is self-occupied or let out"
(Source:
http://www.themoneyquest.com/2009/04/home-loan-tax-benefits-deduction-80c.html"
Interest on House Loan: For self-occupied house, Interest is allowed upto Rs 150000. For let-out house, Interest is allowed to full extent
Repayment of Principal qualifies for Deduction u/s 80C upto Rs 100000 both in respect of self-occupied house and let-out house. "..the tax benefit under section 80c remains same irrespective of whether the house property is self-occupied or let out"
(Source:
http://www.themoneyquest.com/2009/04/home-loan-tax-benefits-deduction-80c.html"
19 December 2009
Yes he can
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
