Interest on house building loan
This query is : Resolved
22 May 2014
An assessed has already taken a house building loan on his first property and accordingly availed of Inc tax deduction on interest on loan.Now he has again taken anotherr house loan. So how can he get benefit on second loan
Guest
Guest
(Expert)
23 May 2014
if the second loann is for the same property yes he can get deduction.....
and if the loan is for second house he must have to proof that the house is not rented for previous 12 months....
and if the loan is for second house he must have to proof that the house is not rented for previous 12 months....
23 May 2014
for second loan on same property we can deduction as self occupied if he use loan for extension of house and not let out if he let out some part then proportion of loan use of rental property claim agst. the rental income.
if he buy second house and take loan then, he calim the intt. of loan agst rental income.
if he buy second house and take loan then, he calim the intt. of loan agst rental income.
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