Housing loan interest exemption

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Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2016 Can exemption of housing loan interest be claimed for two houses?

CA Vap Patel

CA Vap Patel (Expert)
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05 March 2016 No.
You have to decide which home you want to keep as self occupied and other one as let out. once you decide than interest pertaining to that category will be allowed to you. If you opt for house A is self occupied then maximum you can claim 2 lac as deduction. If you allow 2nd house to be let out then interest on it will be fully allowed as deduction without any limit subject to you show notional or actual rent income. But in no case interest for both house can be claimed

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2016 If have two different home loan than?

CA Vap Patel

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06 March 2016 Even if you have two different home loan you can't combine them.

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2016 is there any reference for the same ? Because i read in a article it is allowable..

CA Vap Patel

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11 March 2016 Reference is taken from one illustration provided in one Tax Book. You are requested to provide link of the article.
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Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2016 Please find the below link
http://www.thewealthwisher.com/2012/05/28/income-tax-benefits-on-second-home-loan-india/

CA Vap Patel

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12 March 2016 Dear
Whatever is mention in that article is same explained by me in first answer to your query.

I thought you are asking for claiming interest for both house against rental income of one house. Hence I told you that you can't take interest of both house together. But you can take interest for both house considering each house under consideration. As mentioned in the article.
As I said in first answer, you have to first choose which house you want to take as SOP(Self Occupied Property) or LOP (Let Out Property) and then interest pertaining to that particular house can be claimed subject to SOP limitation. Once you done with SOP calculation take LOP calculation and interest pertaining to that particular house can be claimed fully.

Hope now all confusion is over. Still if you have any doubt do let me know I will call you and explain you in detail.

Thanks & Regards

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