26 January 2015
i am an employee of LIC OF INDIA , i have an option to take HFL LOAN FOR A concession rate of interest from our LICHFL this is called CADRE LOAN . 1.) I have taken housing loan of rs 1800000/- for an apartment flat for a period of 14years in non cadre loan ie., General loan from LICHFL .registration charges was 115000/-. emi = 19792/-pm. 2.)i am planning to construct a house with LIC employee cadre loan of Rs 1200000/- ie., concession rate of interest from LICHFL
two housing loans what is the effect in incometax returns Sir please guide me how to show the emi of two housing loans and registration charges in my income tax returns.
26 January 2015
Interest on borrowed capital is a deductible expenditure for Income from House Property.So you can claim the interest on both the housing loans.Only thing is out of the two houses, only one house can be self occupied, if not given for rent.
CAclubindia
