Income tax benefit for 2nd home loan under construction

Tax planning 2930 views 3 replies

Currently I have two loans -

1. Self occupied

2. Under construction propery (full emi option is choose)

I am getting tax benefit for my 1st home loan under 80C and Sec - 24.

Can I get any tax benefit from my 2nd house loan which is under construction ?

As per my understanding , only accumulated interest part paid during construction period can be claimed after possession during next 5 years ( 20% per year).  Is the same rule applicable for 2nd Home loan as well ?

 

 

 

Replies (3)
yes you are correct... intt payable during construction period is allowed in 5 equal instalments after construction is complete.

Same rule is applicable for second home loan which is under construction?

As per below link.. seems to be one can avail interest benefit (20%) for 2nd home loan even if house is under construction

https://blog.bankbazaar.com/second-home-loan-advantages/36853/

Please clarify !

i have gone through this link... it missed to mention that deduction will be available after construction is complete.


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