Deduction u/s 80 & 24

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2011 dear Sir,
One of our employee has taken 2 housing loan from IDBI & LIC for two houses. He has submitted certificate of both the institution for claiming deduction u/s 80 & sec 24.
My que. is can we allow deduction of repayment of housing loan for both the loans within limit provided in the respective section i.e for sec 80 Rs. 1 Lacs & u/s 24 Rs. 1.50 Lacs (Interest on Loan).
Pls suggest as per IT provision.
Thanks:
Rahul

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 December 2011 Deduction under Section 80C and Section 24 is not restricted to loan taken from only ONE source.

So, if an individual has taken housing loan from a bank & LIC, he can claim deduction of both the amounts.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2011 Thanks Siddharth,
It means deduction is not limited to one HOUSE even for TWO HOUSES employee can claim deduction ?????

Rahul

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 December 2011 Yes, deduction can be claimed for two houses as well.

But, in that case, both the houses cannot be self occupied. One of them has to be either actually let out or treated as deemed to be let out.

Further, in case of self occupied property the maximum deduction allowed under Section 24 is Rs. 1.5 lakhs.

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