Query regarding the Income Tax rebate on Housing loan

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This query is : Resolved

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

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