22 October 2022
Suppose there are two self-occupied houses and both fulfilled the conditions to get maximum limit of interest on loan as deduction u/s 24(b) for $2,00,000.
Now if the calculated interest on the loan for the first house is ₹1,50,000 and the maximum limit is ₹2,00,000 we will take ₹1,50,000 for the deduction as it's the least of the above mentioned amounts.
Now my question is, in the case of the 2nd house, should I set the maximum limit for interest on the loan as ‘Nil’ or of ₹50,000?
22 October 2022
Even for second SOP house, you fill the actual amount of interest paid for home loan. Both the interests will get clubbed as loss from house property head. Out of which Rs. 2 lakhs will get adjusted against other income head, while excess amount will get carried forwarded to get adjusted against future 'IFHP'.
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