Treatmnt of intrst & prncpl paid on 2 loans for 1 h. proprty
This query is : Resolved
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.
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
Message likes :
1 times
08 November 2013
Thank You sir.
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
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
