I would like to know whether a person having one S/O property for which he has taken loan & residing in it and he bought another House, which is under construction and has taken 2nd loan & paying PRE EMI Interest. Can a person claim Housing Loan Interest of both loans ?? What will be the base of calculations?
22 April 2011
He can not claim interest on 2nd loan as he was not allowed possession of 2nd house. HE CAN CLAIM INTEREST ON PRE-OCCUPIED PERIOD (3 YEARS BEFORE THE YEAR IN WHICH POSSESSION WAS ALLOWED)IN 5 EQUAL INSTALLMENTS STARTING FROM THE YEAR IN WHICH POSSESSION WAS ALLOWED.
CAclubindia
