Tax benefit for multiple home loans
This query is : Resolved
28 February 2024
Hi,
I have currently 2 home loans going in my name. One of the properties is self-occupied & other is currently vacant. Interest outgo is more than Rs. 2,00,000 per home loan (even after considering notional rent for second property which is vacant). My question is, if I want to claim tax benefit on the interest paid, will it be 2 Lac for two properties combined or 2 + 2 i.e. 4 Lac for two properties ?
I have currently 2 home loans going in my name. One of the properties is self-occupied & other is currently vacant. Interest outgo is more than Rs. 2,00,000 per home loan (even after considering notional rent for second property which is vacant). My question is, if I want to claim tax benefit on the interest paid, will it be 2 Lac for two properties combined or 2 + 2 i.e. 4 Lac for two properties ?
01 March 2024
Total deduction from interest on home loan is restricted to 2 lakhs, not per house basis. However, u can carry forward it for future years
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- TDS related Query_Liquidated Damages
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
