banner_ad

Income tax - interest component of home loan for 2 homes

Tax queries 1244 views 1 replies

There is point number 15 in Part A DVAT-04, which requires commodity name and code. But I am unable to find these commodity codes. if anybody know, where these codes are precribed, please inform me.

Replies (1)

Where an assessee owns more than one house, then one house of his choice should be considered as SOP and the other one as deemed to be let out.  On SOp there is a cap of interest upto 1.5lacs. 

as per your details providfed the house at Chennai bears more EMi than the one at Trichy, so I think that the house at chennai shud be considered as let-out, so that you can get the whole interst paid/accrued during the F.Y. as a deduction on your total house property income.  The net result for this house may be loss.  also for the house at trichy, the maximum interst deduction you can get is upto 1.5lacs.  So the total loss on your both houses would get deducted from your gross total income & tax would be levied after deduction of loss from your income.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details