Mohan Kumar (Others) (49 Points)
28 December 2014Sirs,
Could you please clarify this point.
I have two flats and both flats have housing loan. can I consider the principal portion of EMIs of both housing loans for sec 80 C benefit? or only the principal paid for the self occupied house eligible for this. Can the principal of rented house also eligible for 80C benefit?
please gudie me
Thanks in advance
Mohan
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 28 December 2014
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 20 March 2015
Yes, you can get the 80C benefit on both loans. However, the total amount that you will be entitled to will be a total of Rs 150,000 (Rs. 1 Lakh up to A.Y. 2014-15) across both the homes.
The interest paid on a home loan is not directly deductible from your salary income for either of your flat loans. Income from house property will be calculated for each flat you own. If either of theses calculations shows a loss, this loss can be set off against your income from other heads.
As for Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.2,00,000 (Rs. 1.50 Lakh up to A.Y. 2014-15). For the other property, you can claim actual interest repaid, there is no limit for the same.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
