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.
K Srinivas, CMA CS
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
