11 February 2013
Suppose X employee has taken the loan for self occupyng property and claimed the deduction in A Y 2012-13 u/s 80C. Further, the said employee has taken other loan for second house property. Can x claim the deduction u/s 80C for second house property. Please advise us.
What will be imolications if the first loan is fully repayed and taken the second loan for second house proerty, can the deduction claimed for such proerty u/s 80C of I T Act, 1961 Kindly advise us.
12 February 2013
Principal amount under Sec 80C upto Rs.1L exemption limit will qualify for one house (not for both the houses) however, under section 24(b) interests can be claimed but the logic of occupying or declaring one house property as occupied and remaining as rented or deemed to be rented....etc.
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