Tax savings for 2 home loan interest under section 24 b

Tax queries 714 views 6 replies
Hi,
 
I own two houses, of which one is 2BHK owned from 2006 and the other is 3BHK bought in this year April 2014.  Until last year I was living in the 2BHK house and I was availing interest benefit of Rs.1.5 lakh for the same. This year I moved to 3 BHK house and let out the 2BHK house for a rent of Rs.18000 pm. Currently I'm paying Rs.1.4 lakh home loan interest for the 2BHK house that has been let out for rent and Rs.4 lakh interest for the 3BHK house which is self occupied.
 
Please advise what is the maximum home loan interest benefit can I avail this year.
 
Thanks in advance!
Replies (6)

I am not sure whether you want to know the eligible interest for FY-13-14 or FY-14-15..as return for FY-13-14 can be filed till the end of this Assesment Year. So, i would like to give my opinion for both scenarios.devil

For the FY-13-14, the eligible interest would be Rs.1.5 Lakhs for 2BHK as it was the only house owned during the previous year.

For the FY-14-15, the eligible interest would be Rs.2 lakhs for 3BHK+ Rs.1.4 lakhs for 2BHK making a total of Rs.3.4 lakhs.smiley

If the 3 BHK property is jointly owned, both the joint owner can claim 2 lacs each for interest u/s 24

Please contact if interested to transfer home loan to SBI Delhi/NCR . Regads Vinay Grover SBI Home Loans

Thanks Giri and Dhiraj!

 

I think you are asking for the FY14-15, so you can claim the interest for 3BHK upto 2 lac under section 24.

And for 2BHK since it is let out property then you can claim the interest deduction for 1.4 lac under section 24.

Arif ali said is correct.


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