Home loan and income tax

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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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).

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