15 July 2009
I want to know that is there any benefit of taking two home loans at a time for getting any benefit in Income Tax Act....There can be two possibilities of having two home loans at a time i.e, either having two home loans for 1 property or having two home loans for two different properties... I will be pretty thankful if someone can answer my query asap....
15 July 2009
Sir, that i know but i wanted to know is there any benefit of having two home loans at a same time for getting any expemtion or deduction under Income Tax act... to put it simple if accumulated interest of both the loans for the year gets to 1,50,000..is dere any possibility of getting the benefit of the whole amount...?
The act talks about home loans and not the number of home loans one can take. You can surely take two housing loans for same property and can avail the dedcutions under the prescribed limits.
CAclubindia
