22 May 2008
Can an individual claim exemption w.r.t. Housing Loan if he has taken 2 housing loans with 2 different banks for constructing 2 different houses. Is he eligible for exemption? One house is self occupied and the otherone is let out..
Thanks for answer...But I'm still not clear on this..By your answer I understand that any individual can avail in 2 Banks is it?? Correct me if im wrong..
22 May 2008
Hi maria, For Second house which is let out you can claim interest on loan without any limit. Only thing is that annual rental value for that house will be actual rent received or if it is not let out then fair rental value (i.e. municipal value)will be taken as Gross Annual Value.
23 May 2008
for INTEREST CLAIM AS DEDUCTION UNDER SEC 24,THERE IS NO RESTRICTION .YOU CAN CLAIM DEDUCTION FOR TWO HOUSES. BUT HOUSING LOAN PRINCIPAL DEDUCTION UNDER SEC 80 C , IS RESTRICTED TO ONE HOUSE AS THE WORDING USED IN SEC 80 C IS " A RESIDENTIAL PROPERTY " . R.V.RAO
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