I have two home loans,how can I claim it for tax benefit
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Quick Summary
This discussion explains how to claim tax benefits for two home loans on your Income Tax Return (ITR). You can claim deductions for both interest paid (under Section 24) and principal repayment (under Section 80C) for two properties. However, there are limits: a maximum of £200,000 for interest deductions and £150,000 for principal repayment under 80C, applicable from the financial year 2019-20 onwards.
See if loan is taken for House construction then if construction is completed within 5 year then interest will be paid shall be allowed from year in which construction is completed interest will be allowed in 5 equal installment Soo interest paid are allowed while computing income from House property with maximum 200000/- and repayement of loan is allowed under 80C max 150000/- same concept is apply in case of purchase also.
As your flat possession taken in 2019, you are eligible to take deduction under 80C as well as on interest also
But first home loan is taken for construction which I am availing under sec 24 and now I have purchased a flat with second home loan , so can I avail interest benifit of both loans under sec 24 and principal under 80c