Home loan eligibility and tax treatment in case of second home

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Suppose a person has already availed the Home loan benefit in 80C and for interest payment and disposed off the house and pre payed the loan. now the person wants to buy house second time will the person be eligible to get rebate under 80 C and benefit of interest payment second time
Replies (13)

He is eligible in two ways

 

1.  if let out the second house:

than entire amount of interest paid can be claimed u/s 24 and upto 150000 can claim u/s 80c as principal repaid.

2.  if second house is self occupied:

than interest paid can be claimed u/s 24 maximum INR 150000/- and upto 150000 can claim u/s 80c as principal repaid.

sir my question is, can one get  the benefit of housing loan under 80 C and interest payment second time if one has already availed it once

 As far as I know, for second house property no deduction is available for repayment towards the principal portion of housing loan under section 80C.

 

If he pays the loan then he is eligible for 80C deduction .. Even for second house or third or any house .. But payment shall be made.. Its not a once in a life time opportunity..
If he pays the loan then he is eligible for 80C deduction .. Even for second house or third or any house .. But payment shall be made.. Its not a once in a life time opportunity..
If he pays the loan then he is eligible for 80C deduction .. Even for second house or third or any house .. But payment shall be made.. Its not a once in a life time opportunity..

Interest u/s 24 (b) can be claimed for second house as mentioned by tax pandit but deduction u/s 80 C is not available for the second house. Assessee has the option to opt one house as self occupied and other house will be treated as deemed let out ( if not actually let out)  so 

1. If assessee opts second house as self occupied then interest upto 150000 p.a. can be claimed.

2. If second house is let out or deemed let out then entire interest can be claimed.

Dear Shalini,

we can claim benefit u/s 80C for repayment of principal portion of loan for second house also.

 

 

Dear tax pandit , we can not claim benifit u/s 80C for repayment of principal portion of loan for second house..The act allows for one house only. @ shalini is right

can we take income tax benefit on the interest payment of second house.  

Dear guys, Yes as per shalini what said that correct. Because as per deduction U/s 80c says that we can claim up to 1,50,000/- on repayment of house loan which one relating to self occouped. And as per Income from house property we can consider only one house is the self occouped house.so we can claim only one house deduction U/s 80c and interest amount will claim as per calculation of house property....
No no guys we can claim because 80c not saying that whether that house is using for self occupied or let out propose....section saying that if u taken any loan relating to home loan so we can claim up to 1,50,000

Deduction is admissible.

 

S.80C(2)  The sums referred to in sub-section (1) shall be any sums paid or deposited in the previous year by the assessee 

(xviii)for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head "Income from house property" (or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head), where such payments are made towards or by way of—

(c) repayment of the amount borrowed by the assessee....


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