17 February 2020
I own a house jointly with my husband for which we have taken a joint home loan. This is a self occupied property and we are individually claiming tax benefits on it. I own another property solely, for which I have availed Bank finance. The second house is not let out and my parents stay there. Can I claim tax exemption of upto Rs. 2.00 lakh from both the loans?
19 February 2020
Yes, you can. From financial year 2019-20, the benefit of considering houses as self-occupied has been extended to two houses. The interest claim cannot exceed Rs 2 lakh in aggregate in a financial year for both self-occupied properties.
25 May 2020
If the loan is taken jointly, then each of the loan holders can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns. To claim this deduction, they should also be co-owners of the property taken on loan. So, loan taken jointly with your family can help you claim a larger tax benefit.
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