House Property Interest on Loan deeuction

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proprietor
21 Points Posted on 11 December 2022
A person having 4 flats already purchases a 5th house property by taking loan. Can he claim the interest deduction treating the new property as his SOP. Does he have a choice to change it to SOP.
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On 11 December 2022 at 11:18 Report
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This discussion clarifies whether an individual with four existing properties can claim interest deductions on a fifth house purchased with a loan, by treating it as a Self-Occupied Property (SOP). The consensus is that yes, this is possible. An individual has the option to declare up to two properties as SOP, provided they are not already rented out.

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SEO Sai Gr. Hosp.
212489 Points Posted on 11 December 2022

Yes, he can change it.

In another words, he has option to declare any two properties as SOP, unless already rented.

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On 11 December 2022 at 12:57
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Profession
28261 Points Posted on 11 December 2022
I must request the querist if all the 4 houses are taken on loan basis. Then the 5th house must be taken on loan not necessarily.
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On 11 December 2022 at 14:29

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