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
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
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.
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
It means deduction is not limited to one HOUSE even for TWO HOUSES employee can claim deduction ?????
Rahul
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.
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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