Interest on borrowings
This query is : Resolved
23 November 2014
one has property situated in location pune against it he is already claiming housing loan interest benefit. now new property in which he is going to invest in Mumbai location by taking loan is under construction and after 4 years he is going to acquire possesssion..how will the new housing loan benefit ? can after 4 years he claim benefit against both the properties?how?
23 November 2014
One self occupied property : The loss is restricted.
For the rented property. no such restriction is given. So The other property can be given on rent.
For the rented property. no such restriction is given. So The other property can be given on rent.
23 November 2014
Pre acquisition interest of Mumbai property can be equally deducted in the year of acquisition and succeeding four years along with the interest payable for the post acquisition year's.
Can claim interest benefit for both houses after 4 years. Pune property remains as 'self occupied' with an interest cap of Rs. 30,000 or Rs,1,50,000 ,as the case may be ,while the Mumbai property becomes'deemed to be let out' with an eligibility to claim interest, as said above ,without cap.
Can claim interest benefit for both houses after 4 years. Pune property remains as 'self occupied' with an interest cap of Rs. 30,000 or Rs,1,50,000 ,as the case may be ,while the Mumbai property becomes'deemed to be let out' with an eligibility to claim interest, as said above ,without cap.
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