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IT REBATE AT SOURCE FOR SECOND HOME LOAN

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This query is : Resolved

sandeep (Querist)

08 April 2009 I have first housing loan for which I am claiming rebate at source.
My question is, if i take second home loan now, will the amount of interest paid to Bank after deduction of rent income be eligible for tax rebate at source?
Should my company consider this and give me appropriate rebate while calculating the taxable income? Or do I have to claim this rebate while filing my returns?
In case if it is while calculating my salary then what all papers i need to give to my company? kolgesandeep@yahoo.com

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)

08 April 2009 Assuming that the second house is given on rent, you yourself will have to claim the full interest (without any limit) from the rent and also 30% towards repairs. Your company should not consider this.

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