maximum Sec 80C deduction for principal payment of 2 houses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2010
I am claiming housing loan principal deduction under Sec 80C for income tax. I want to buy one more house.
Can I claim housing loan principal on two houses for IT exemption? If yes, what is the maximum deduction allowed for both interest and principal payment?
Can I claim housing loan principal on two houses for IT exemption? If yes, what is the maximum deduction allowed for both interest and principal payment?
19 March 2010
yes you can claim for both the houses provided.
1. they should be in difference cities
or
2. out of 2 one should be in your citi (where you work) and another should in other citi.
Miximum to claim priciple is 1 lac, i.e. u/s 80 C.
this is what employer can give you exemption.
if you want to claim saparately you can claim for maximum houses against which you will not get your principle exempted but your whole interest components alongwith Standered deducted and expenses like municiple tax payment etc.
Nazir
1. they should be in difference cities
or
2. out of 2 one should be in your citi (where you work) and another should in other citi.
Miximum to claim priciple is 1 lac, i.e. u/s 80 C.
this is what employer can give you exemption.
if you want to claim saparately you can claim for maximum houses against which you will not get your principle exempted but your whole interest components alongwith Standered deducted and expenses like municiple tax payment etc.
Nazir
19 March 2010
yes you can u/s 24 max 1,00,000/- in 80C and interest of 1,50,000/- max.in a year.
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