Income tax rebate for second home loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2012 please note that I am already running a home loan and i am availing deduction of Rs.1.50 Lacs interest out of my salary income.

If i avail second home loan and pay an annual interest of Rs.2.50 Lacs and principal of 0.75 LAcs, how it will be treated for claim (i understand that 1.50 Lacs is the maximum rebate on home loan interest).

my annual salary is Rs.10 Lacs.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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26 August 2012 Your understanding is correct.

Assuming that you are using the house for self occupation and that you are taking a second loan for the same house, you CANNOT claim anymore amount on account of interest paid for your home loan.