Home loan exemption on letout houses (2nd & 3rd)

Page no : 2

anuj saxena (officer) (37 Points)
Replied 28 March 2017

thanks for info but one clarification still required as I mentioned if first loan will be closed where father is owner of plot and then if I take loan for myself individually where I am owner of the plot so tax rebate I can claimed again

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160484 Points)
Replied 28 March 2017

Yes, when you are owner or co-owner of the house property and single borrower of HBL, then you can take home loan tax benefits.

prem (BEMBA) (24 Points)
Replied 15 April 2017

Sir,

i am pretty much in the same confusion. If i read your reply correctly, one can deduct only 2 lacs across all the rented property(in case more than one) from the net loss and rest is carried forward. is this correct.

thx

Prem

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160484 Points)
Replied 15 April 2017

Take an example: Say, you have 3 house property One self occupied A, and other two let out or deemed let out B & C.

For A: interest deduction limited to 2 lakhs (SOP)

For B: Out of total interest, reducing the amount of rent, say 3 lakhs (assumption)

For C: After adjusting rental income, net interest paid is say, 2.50 lakhs.

So, total income from the head HP is nett loss of (7.50 lakhs)

Till AY 2017-18: you were allowed to adjust total loss of 7.50 lakhs from other income heads, to bring down your taxable income by 7.50 lakhs!!

After amendment in Finance bill 2017, from AY 2018-19; you can adjust the loss from head HP upto 2.00 lakhs only, from other income heads and remaining 5.50 lakhs loss is to be carried forwarded upto next 8 years, for adjustment against income from HP, if available.