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.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Vijay Mishra

SUBHASH SAHA

Vinod Dharwarkar

R Prabhudoss

Subscribe Now

Income tax rebate for second home loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Accountant

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

GST CONSULTANT