Treatmnt of intrst & prncpl paid on 2 loans for 1 h. proprty
This query is : Resolved
Sushant Mahajan
(Querist)
07 November 2013
If an Individual has two loans against one house property, what will be the treatment of such interest and principal repaid for income tax purposes?
Will deduction of interest and principal repaid be allowed for both the loans?
Please reply.
Will deduction of interest and principal repaid be allowed for both the loans?
Please reply.
CMA Ramesh Krishnan
(Expert)
07 November 2013
Incase both are housing loans for the same property, it can be taken deductions u/s.24b & sec.80C. but the maximum cap will be same (i.e. Rs.1.50 lakh for self occupied & let out actual u/s.24b) & Rs.1 lakh u/s.80C
Loans should not be repayment of any other loan or mortgage nature
Loans should not be repayment of any other loan or mortgage nature
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Sushant Mahajan
(Querist)
08 November 2013
Thank You sir.
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