Deduction under section 80c for housing loan repayment
This query is : Resolved
25 March 2012
Suppose an individual has already taken 1st loan for residential house and its repayment is completed. For this benefit under income tax by claiming deduction u/s 80C was availed. Now if he further takes a loan for another house, can the deduction be allowed for principal loan repayment and interest on housing loan for second house property ? Please advise.
25 March 2012
Yes the deduction can be claimed.
However, one of the houses has to be treated as deemed to be let out and presumptive rental income has to be offered for tax under the head Income from House Property.
However, one of the houses has to be treated as deemed to be let out and presumptive rental income has to be offered for tax under the head Income from House Property.
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