04 March 2016
Deduction u/s 80C does not limit the number of housing loans or property for allowing deduction. Therefore principle amount paid for multiple loan can also be claimed.
As far as 24(b) is concerned, Only one property can be treated as Self Occupied. Deduction for interest payable can be claimed against same. The other property will be treated as 'Deemed to be Let out' or actual let out. In that case, actual deduction of interest can be claimed.
The point is that you can avail deduction of interest against respective property for which loan is taken. The choice is yours. You can compute both the options with property 1 and property 2. Which ever is showing overall lower income or excess loss can be claimed for taxable purpose.
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