I am Resideing at Baroda in rented house, and have one property (house) at native place and rented out.(Home loan taken @ 8 lacs) Now purchased flat in baroda (In name of Self and wife as co-owner) and planning to move in new flat. How new flat is benificial to me in terms of savings in interest portion of the home loan. (20 lacs) Pl guide
Menu
Income tax / deduction on interest of second house
Replies (1)
Dear Hardik,
As regards 1st house at native place, you can claim full deduction of interest amount on loan bcoz limit of interest does not apply for letout property.
For another new house at baroda, as you and your wife both are co-owner so you both are eligible for claiming interest deduction and principal amount of loan in the ratio of loan taken provided you both should be co-applicant of the loan bcoz if only you have taken loan then you can take deduction in respect of your share in your house. You and your wife both are eligible for interest deduction upto rs 150000 each u/s 24 bcoz house is self occupied and upto rs 100000 each u/s 80c for principal amount.
I hope this will help you.
Thanx
CA Anubhav Vishnoi
8750089567
Recent Topics :
- Updating form 10-ee and Schedule FA if there is ch
- Sale of property in SLUM area ....SRA
- GST applicability on Shipping charges
- Outstanding Demand in Income Tax: How To Respond?
- LTCG on property sale
- Capital gains incidence due to bonus shares
- Amendment of Object Clause of Memorandum
- How Can I Request a Refund for an Accidental Airte
- TDS on salary paid in cash
- YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
Related Topics :
CAclubindia
