Deduction u/s 80c for housing loan for second hsg property

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This query is : Resolved

yogesh vijaykumar shah (Querist)

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.

CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)

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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