Home loan and income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2012
Is the interest component for home
Loan taken for 2 nd home completely tax exempt? Is there a limit to the exemption. I kow that for first house limit of 1.5 L applies. This is a residential property
Loan taken for 2 nd home completely tax exempt? Is there a limit to the exemption. I kow that for first house limit of 1.5 L applies. This is a residential property
04 August 2012
The limit of Rs. 1.5 lakhs is for a self occupied house.
If you have two houses, then for the purpose of Income Tax Act, you have to show one house as deemed to be let out.
In respect of this house, exemption will be allowed of the full amount (without any limit).
If you have two houses, then for the purpose of Income Tax Act, you have to show one house as deemed to be let out.
In respect of this house, exemption will be allowed of the full amount (without any limit).
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