Interest on housing loan

This query is : Resolved

tagore prasad (Querist)
Follow

16 January 2016 I had taken housing loan during 2008 and claiming benefit under interest and principal both
i.e. 80c, loss on house property. Now the principal amount cleared only int. portion is there.
now again i have taken hosing loan during october 2015 and the loan amount is rs.43 lakhs.
Purchased a flat and now i can claim int. on this hl as loss on house property under sec. 24 besides claiming principal exemption under sec. 80C. Boith the houses have been under the category of self occupied not let out.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

16 January 2016 As per Section 23(4) the provisions for SOP can be applied in respect to one residential house and not both the house. So, you have to show one property as deemed let out or let out property.
.
Interest portion is pending and principal has been paid - this fact has to be verified from the interest certificate or by obtaining the same as generally in cases of home loan interest and principal both are included in the ending installments.
.
You can claim total home loan interest of Rs 200000/- in respect of a SOP. In the given circumstances it is advisable to treat the second property as Let Out property so that full interest can be deducted. Additionally you can claim the pending interest of the first HL. against the SOP.
.