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House property more than one for individual
Can an individual claim the deductions for the both house property interest and principal as deduction? for computing income tax
Replies (2)
As per income tax act, only 1 property can be claimed as Self Occupied Property (SOP).
Any other property has to be treated as Deemed Let Out Property (DLOP)
So you can claim interest of 1 property directly showing it as SOP.
For other property, you can claim interest on loan.. but you will also have to offer notional rent as income.
you need to see in which property the interest component is high and treat that as SOP. and from second one you can treat as deemed to be let. property and claim interest on loan.
you can claim deduction for principal subject to overall limits of 150000 in total
you can claim deduction for principal subject to overall limits of 150000 in total
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