int on loan for house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2010
the assesee has two house prperty, one at mumbai and another at goa but he resides at gujarat...both the property is taken agnst laon.....whether he can get the deduction in case of Int paid and principal amouit paid for both the properties............also advice whther if the property is situated outside india the deduction can be claimed by him?
17 December 2010
deduction of interest is allowed for both the house subject to maximum limit.
Yes deduction is allowed if the property is situated outside india, in case of resident assessee.
Yes deduction is allowed if the property is situated outside india, in case of resident assessee.
26 December 2010
The assessee can also get deduction towards Repayment of Principal u/s 80C in respect to both the properties.
Further, the assessee can claim only one house as self occupied subject to certain conditions of employment etc. So it will be obligatory for him to show either rental income from any (or both) of the properties or the properties may be deemed as let out property.
Further, the assessee can claim only one house as self occupied subject to certain conditions of employment etc. So it will be obligatory for him to show either rental income from any (or both) of the properties or the properties may be deemed as let out property.
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