Home Loan examption.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2010
Hi ,
I am having two home loan in my name as follows.
1 . Self occupied where I am currently staying
2. Occupied by my parent.
What is the best possible way to get tax benefits under sections 88 and 24 ??
I am having two home loan in my name as follows.
1 . Self occupied where I am currently staying
2. Occupied by my parent.
What is the best possible way to get tax benefits under sections 88 and 24 ??
CMA Ramesh Krishnan
(Expert)
13 August 2010
One house canbe treated as self occupied and once house is deemed to be let out, the option of chossing the house is your choice.
80 C avaliable for both
Interest u/s.24 available for self occupied Maximum Rs.1.5 lakhs and deemed to be letout the actual interest
One house canbe treated as self occupied and once house is deemed to be let out, the option of chossing the house is your choice.
80 C avaliable for both
Interest u/s.24 available for self occupied Maximum Rs.1.5 lakhs and deemed to be letout the actual interest
13 August 2010
Its section 80C & not 88.
benefit under 80 C & 24 can be availed in case of one home loan while the other home will be treated as deemed to be let out.
benefit under 80 C & 24 can be availed in case of one home loan while the other home will be treated as deemed to be let out.
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