Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

URGENT

vaishali (student ) (362 Points)

17 December 2009

HEY FRNDS I HV A DOUBT.

THE DOUBT IS ABOUT INCOME FORM HOUSE PROPERTY.

SUPPOSE I HAVE ONE SELF OCCUPIED PROPERTY AND IT WAS TAKEN ON LOAN . I WAS GETTING THE DEDUCTION FOR LOAN . NOW THE INSTALLMENTS OF LOAN ARE OVER. NOW I M PLANNING TO BUY 1 MORE HOUSE ON LOAN. I WANT TO TREAT THE OLD HOUSE AS DEEMED LET OUT AND NEW HOUSE AS SELF OCCUPIED. SO NOW AGAIN WILL I GET DEDUCTION FOR INTEREST ON NEW HOUSE ???

Reply
Follow
Share

12 Replies

Ketan S (CA Final) (80 Points)
Replied 17 December 2009

hi,

y nt u ll get deduction.

is ur doubt is regarding our exams or it about ur own life( r u purchasing a new house)

bcoz both the things goes differently.

u can claim a deduction for loan.

bye tc .

regards,

ketan sarda.

if any further doubt, plz do send a PM.

bye

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

YES U CAN GET THE DEDUCTION OF INTEREST AGAIN ON NEW HOUSE IF U PURCHASE IT ON LOAN..........

Priyanka (Chartered accountant) (371 Points)
Replied 17 December 2009

yes u can surely claim deduction if u have taken loan for a new house

vaishali (student ) (362 Points)
Replied 17 December 2009

HEY FRNDS THNKS

NARENDER PAWAR (CA final Student) (337 Points)
Replied 18 December 2009

yes you get deduction u/s 80c & 24(b), if you purchased new house on loan.

Upgrade to CAclubindia Pro. Subscribe Now!

V@$U GUPT@ (CA) (39 Points)
Replied 18 December 2009

yes surely u will get deduction for interest on new house under section 24(b) and for instalment payment under section 80C if u purchase new house on loan. If u have any further doubt then send me PM

With regards

Vasu Gupta

kalyani (Article staff) (42 Points)
Replied 18 December 2009

Deduction can be claimed on the new house -interest portion under section 10(24) and the Repayment of the principal portion under 80C

Indu (Articled Clerk) (104 Points)
Replied 18 December 2009

yeah according to me you will deduction on interest u/s 80c

Jag Bhushan Sharma (Faculty in a B-School) (633 Points)
Replied 18 December 2009

It is always upto assessee to choose self-occupied house. There is no restriction on purchase of number of houses. There is also no restriction on obtaining loan for buying house each time. As for as Income Tax Act is concerned you will get deduction for interest and principal paid to the bank under relevant sections quoted above by others.

Bharat Khurana (Student) (153 Points)
Replied 19 December 2009

yes there is no restriction in respect of houses for claiming deduction on account of interest. so you can claim deduction in respect of all house in respect of which you take loans. in respect of self occupied house it is limited to 150000 if loan is taken after 1-4-1999

Upgrade to CAclubindia Pro. Subscribe Now!

Rajan N (Articled Assistant) (151 Points)
Replied 21 December 2009

Originally posted by : vaishali

Yes you can claim deduction

HEY FRNDS I HV A DOUBT.

THE DOUBT IS ABOUT INCOME FORM HOUSE PROPERTY.

SUPPOSE I HAVE ONE SELF OCCUPIED PROPERTY AND IT WAS TAKEN ON LOAN . I WAS GETTING THE DEDUCTION FOR LOAN . NOW THE INSTALLMENTS OF LOAN ARE OVER. NOW I M PLANNING TO BUY 1 MORE HOUSE ON LOAN. I WANT TO TREAT THE OLD HOUSE AS DEEMED LET OUT AND NEW HOUSE AS SELF OCCUPIED. SO NOW AGAIN WILL I GET DEDUCTION FOR INTEREST ON NEW HOUSE ???

Jag Bhushan Sharma (Faculty in a B-School) (633 Points)
Replied 23 December 2009

Yes, sure you will get deductions in respect of principal repaid and interest paid in respect of the new house you buy. There is no restrictions on houses on which you can claim the above benefit.