Home Loan benefit
This query is : Resolved
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....
I will be pretty thankful if someone can answer my query asap....
CA Tilak Raj Sharma
(Expert)
15 July 2009
Loan interest - can be claimed under House property head.
Principal Repayment - Exempt under 80C.
Principal Repayment - Exempt under 80C.
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...?
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...?
Abhishek Mohta
(Expert)
16 July 2009
Hi Saurabh,
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.
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.
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