Dedction for home loan
Kavin Mistry (61 Points)
07 July 2018
can dedction for two home loan is avalible under section 24 and under section 80c
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184781 Points)
Replied 07 July 2018
For interest over home loans deduction u/s. 24(b)...... yes, but second HP will be 'let out' or 'Deemed let out.'
For principal repayment deduction u/s. 80C....... no, its available only over 'Self Occupied Property.'
Kavin Mistry
(61 Points)
Replied 07 July 2018
okk but second proprty is under constrction then what cicumstances
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(184781 Points)
Replied 07 July 2018
The aggregate Interest paid over home loan for underconstruction property is available for deduction in FIVE equal annual installments from the year of completion of construction of the property.
Kavin Mistry
(61 Points)
Replied 07 July 2018
okk but it is possible to take gross annual value of property in first year of completation of constrction as a nill...
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