Query regarding the Income Tax rebate on Housing loan

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies whether you can claim income tax deductions on the interest paid for two housing loans on self-occupied properties. The answer is yes, you can claim the exemption for the second property's loan interest. However, the total claimable interest for self-occupied properties is capped at £2 lakh per year, with any excess interest being carried forward for future adjustments.

Dr. S.K. Soni

Dr. S.K. Soni (Querist)
Follow

03 July 2022 I raised a housing loan for an Apartment, bought as a joint owner (70% share) in 2009 and claimed the Exemption from Interest component till 2015 when I cleared the outstanding loan. The property is self-occupied at the moment.
In the meantime, I bought another apartment as a joint owner (70% share), with a housing loan in 2021. Both the properties are not rented. Can I claim the exemption in the interest component on the Housing loan for this second property after indicating it as self-occupied?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

04 July 2022 Yes, you can claim interest on second property.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 July 2022 In addition to the above, you can claim maximum only up to 2 lakhs in the year; rest is carried forward to be adjusted under the head IFHP.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!