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Interest on second home loan

Susmita Dutta, CA , CPA (CA ) (2141 Points)

22 January 2020

One of our client has made full down payment on 1st house .Is he suppose to claim Rs. 2,00,000 for the interest paid on 2nd house or entire interest amount?

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6 Replies

sabyasachi mukherjee (27574 Points)
Replied 22 January 2020

@ susmita
you will get a benefit of Rs.350000.
sec 80EEA RS.150000
SEC 24 RS.200000.

SEC 80EEA APPLICABLE FRON AY 2021.
THIS IS TO BOOST THE HOUSING SECTOR AND ALSO PROVIDE THE INDIVIDUALS TO APPLY FOR FRESH LOANS FROM BANKS.
LENDING SECTOR WILL GET A BOOST.

ELIGIBILTY CONDITIONS:
1.

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CA. Rohan Somani (Chartered Accountant) (94 Points)
Replied 22 January 2020

Which ever house is treated as SOP is eligible to get full Interest deduction

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Kapadia Pravin (17259 Points)
Replied 23 January 2020

Interest deduction is not qua any house. it's in aggregate 2 lakhs maximum all put together

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siddhesh (si) (198 Points)
Replied 23 January 2020

Interest Deduction is for self occupied property it is aggregate of RS 200000 but for property which is Let-out for that no bar is specified.

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sabyasachi mukherjee (27574 Points)
Replied 23 January 2020

Sushmita
sec 80EEA IS A NEW SECTION INTRODUCED OVER AND ABOVE SEC 24 .
IT HAS BEEN INTRODUCED TO GIVE INDIVIDUALS OPTIONS TO PURCHASE NEW HOUSE PROPERTY.