Second home loan interest part consideration
This query is : Resolved
sumit khare
(Querist)
13 September 2012
I am going to take second home loan for my second flat for self residence.
For the first home loan which is not in my work place city, the yearly interest amount is less than 1.5 Lacs and the flat is on rent .
The second flat shall be self occupied and the same is in my work place city .
The yearly interest for the second home loan shall be above 1.5 lacs.The self lease amount will be paid to me by my company .
Is there any option of voluntary selection of rented and self occupied property or i have to show both properties as actual. As the self occupied property interest can not be claimed beyond 1.5 lacs .However actually it is more than 1.5 lacs and the rented property interest amount of loan is less than 1.5 lacs .
For the first home loan which is not in my work place city, the yearly interest amount is less than 1.5 Lacs and the flat is on rent .
The second flat shall be self occupied and the same is in my work place city .
The yearly interest for the second home loan shall be above 1.5 lacs.The self lease amount will be paid to me by my company .
Is there any option of voluntary selection of rented and self occupied property or i have to show both properties as actual. As the self occupied property interest can not be claimed beyond 1.5 lacs .However actually it is more than 1.5 lacs and the rented property interest amount of loan is less than 1.5 lacs .
14 September 2012
1.5 lacs is available on self occupied property only.If second house generates income the interest on that can be deducted from the income
CA VISHNU GAVKARE
(Expert)
14 September 2012
Option is between 2 sop and not between sop and rented property. Take flat and loan jointly so that you can claim entire interest.
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