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Housing loan on second house

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(Querist)
17 November 2011 Whether deduction can be availed on principal payment towards purchase of second housing loan under section 80 C ? Also whether limit of housing loan interest of Rs, 150000/- covers two or more house?

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Aijaz Shaikh

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Aijaz Shaikh (Expert)
17 November 2011 If you have two houses the following provision shall apply:-

1st House-Self Occupied
-Benefit of 80C available on principal.
-Benefit of housing loan interest availaible to the extent of Rs. 1,50,000/-

2nd House-Deemed to be let out
-Calculate gross maintainable rent
-Benefit of 80C availaible on principal.
-Benefit of housing loan interest availaible to the extent of actual interest.
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