Income tax rebate for second home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2012
please note that I am already running a home loan and i am availing deduction of Rs.1.50 Lacs interest out of my salary income.
If i avail second home loan and pay an annual interest of Rs.2.50 Lacs and principal of 0.75 LAcs, how it will be treated for claim (i understand that 1.50 Lacs is the maximum rebate on home loan interest).
my annual salary is Rs.10 Lacs.
If i avail second home loan and pay an annual interest of Rs.2.50 Lacs and principal of 0.75 LAcs, how it will be treated for claim (i understand that 1.50 Lacs is the maximum rebate on home loan interest).
my annual salary is Rs.10 Lacs.
26 August 2012
Your understanding is correct.
Assuming that you are using the house for self occupation and that you are taking a second loan for the same house, you CANNOT claim anymore amount on account of interest paid for your home loan.
Assuming that you are using the house for self occupation and that you are taking a second loan for the same house, you CANNOT claim anymore amount on account of interest paid for your home loan.
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