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Interest on house property

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 December 2015 An assessee has taken two types of loans.
Property A is used as SOP.
Property B is purchased in the same premises, would treated as LOP. For property B housing loan is being taken, but there would be a cap based on the agreement value. To meet the shortfall of loan amount in Property B, Property A is being mortgaged and loan against property (LAP) is being taken. What would be the tax implications in respect of interest paid on LAP? Can anybody elaborate?
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Rupesh Jain

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Rupesh Jain (Expert)
21 December 2015 if your are using loan for buying the property or construction of property then u can claim u/s 24 otherwise not possible.
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 December 2015 Shortfall in the loan is being met by mortgaging property A for acquiring property B




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