Loan rebate
Querist : Anonymous
i m a govt. salaried person. I have two home loan on two home. i already take rebate of interest & principal amount on my first house. but i take possession of my second house on dtd. 15-jul-2013. i want to take rebate of interest & principal amount of my second house loan in my ITR for the A.Y 2013-14. so please suggest me can i take this benefit or not.
But for second house it should be treated as deemed let out at notional value
Notional value would be rented value of same house in same locality, in that case you can take deduction for Second house also
Querist : Anonymous
Yes you can take maximum benefit equal to the amt of Interest paid during the year
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