Home loan
This query is : Resolved
Sanjay Wagh
(Querist)
29 February 2016
Dear Sir,
I and my wife both are working in private company.
We had taken home loan first time on our both names in Dec-2005 to purchase home and the home loan had been paid-up fully in May-2013.
Now we have booked new flat and our second home loan on our both names is sanctioned in March-2015. Possession of new flat shall be given approx in June-2016.
Can we ( either me or my wife ) take benefit of this second home loan from income tax deduction ???
How many times an resident individual can take benefit of home loan
( HSG. LOAN PRINCIPAL REPAY, U/S 80C + INTEREST ON HSG. LOAN REPAY, U/S 24(B) ) ???
Regards
Sanjay Wagh
I and my wife both are working in private company.
We had taken home loan first time on our both names in Dec-2005 to purchase home and the home loan had been paid-up fully in May-2013.
Now we have booked new flat and our second home loan on our both names is sanctioned in March-2015. Possession of new flat shall be given approx in June-2016.
Can we ( either me or my wife ) take benefit of this second home loan from income tax deduction ???
How many times an resident individual can take benefit of home loan
( HSG. LOAN PRINCIPAL REPAY, U/S 80C + INTEREST ON HSG. LOAN REPAY, U/S 24(B) ) ???
Regards
Sanjay Wagh
Amol S Joglekar
(Expert)
29 February 2016
You can take the benefit of the home loan taken second time as well. There is no limit per se so long as the income from house property is chargeable to income tax.
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