Loan rebate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2013 Dear SIr,
i m a govt. salaried person. I have two home loan on two home. i already take rebate of interest & principal amount on my first house. but i take possession of my second house on dtd. 15-jul-2013. i want to take rebate of interest & principal amount of my second house loan in my ITR for the A.Y 2013-14. so please suggest me can i take this benefit or not.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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22 August 2013 You can eligible to take deduction for only one house as self occupied, as you chooses.

But for second house it should be treated as deemed let out at notional value
Notional value would be rented value of same house in same locality, in that case you can take deduction for Second house also

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2013 if i show some rental income from second house than i take benefit of deduction

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CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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22 August 2013 Its mandatory to show real value of similar house in same locality for second house.

Yes you can take maximum benefit equal to the amt of Interest paid during the year