Income tax on having two houses
This query is : Resolved
chandraprakash patil
(Querist)
20 April 2013
I have my house in Pune and I am claiming deduction of principal amount and interest amount in my income tax returns. I also have a second house in Mumbai. Could you please let me know whether I can get deduction of principal amount and interest for my second house in my income tax returns?
CA Vikas Acharya
(Expert)
20 April 2013
Both allowed for the second house too.
but with certain condition such as
deduction of interest can be allowed if it's on rent on upto any limit.
and principal allowed only upto total 100000 including your other investments u/s 80C. means the principal of house in pune and in mumbai and also other investments such as lic premium etc total of all allowed only upto amount rs 100000
but with certain condition such as
deduction of interest can be allowed if it's on rent on upto any limit.
and principal allowed only upto total 100000 including your other investments u/s 80C. means the principal of house in pune and in mumbai and also other investments such as lic premium etc total of all allowed only upto amount rs 100000
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