usha nair

if you have purchased the home by taking a loan then you can claim the interest paid on it under section 24B upto rupees 2 lacsand the principal repayment under 80C upto 1.5 lacs provided the total deduction under section 80C, 80CCC and 80CCD(1) is restricted to rupees 1.5 lacs. if this is your first home loan you can claim additional 50000 deduction provided 

1. you do not own any house property at that time

2.the loan amount does not exceed 35 lacs

yoou will not get the tax benifit and there are even other conditions such as the loan should be sanction during the fy 16-17 and the most important point is you already own a house property at the time of purchase of another house property. This boint basically disqualifies you from claiming deduction

the point is 

1.you should not own a house property while availing the loan

2.the house property you are going to purchase must be the FIRST HOUSE PROPERTY you are about to hold and you should not have held any house property before

3.the house property should be value less than 50 lacs and the loan amount whould be less than or equal t 35 lacs

the second point itself basically disqualifies you from availing tax benifit. hence you awill not be able to avail tax benifit on the loan taken even though you have taken is yoour first loan but you have already held a house property. however still you can claim interest paid under section 24B and principle repayment under 80C