Income tax rebate for second home loan interest

Hi Blip,

1) Show the Distant house as ur 2nd house called Deemed to be letout and claim the benifits in ur return as per last year.

2) Now u can claim deduction of Interest under sec. 24(1) (b) on ur 2nd house too as deduction is on borrowed capital is HOUSE - WISE and not assessee wise. Though u can not claim benifit of sec.80C which u have already exhausted.

3) Best thing is that ur wife is a co applicant so she can also take benifit of Int and Principal. Although u can adjust proportion of EMI shared by u and ur wife so that she can get more benifit for higher maximum limit being a resident woman assessee.

4) U can take any of the house as SOP(self occupied) and other as DLOP(deemed to be let out) as there is nothing in the act which states that the assessee should actually reside in the house.

5) Take Two option..

   Option - I- take distant house as SOP and other as DLOP

  Option -II - vice versa

6) then work out in which option loss is more under the head income from House Property and chose that one

In the absense of any additional figures it difficult to comment further....

Regards

Thanks a lot for your reponse Pritam. Your time and help is much appreciated.

mr. pritam please help me on similar topic

i had purachased house on single name i.e, of my name where i m residing with my wife & brother.

1year later i recently purchased 2ns house with jointly with my brother in second house the my brother is second co-owner . in agreement my name is first.

now my brother stays in old house and my self shifted to new house with my wife.

im filling my income tax return but my brother not filling and also not interested to file the return.

now what benefit i get in interest & priciple amount bcoz both houses are on loan . and EMI of both house is transferred from my salary account. should i claim int. & priceiple of Both house????

thax in advance.

Mr. Chirag, you can take any one house as Self Occupied and other as DLOP as mentioned in my earlier post and u can benifit of interest on both house and principal amount (upto 1 lac) subject to ur share of EMI.

It does not matter whether ur brother filing return or not....

U can claim ur share of Interest and principal within the ambit of Sec 24(1)(b) and sec 80C...

Regards

how to calculate DLOP rent???

if i suggest my brother to file return then he can claim int & principle of new house in his file where he is co-applicant.

Dear Sir,

I have purchased one house at lucknow and i m paying EMI and taking benefit of 80C and 24 as well

but last year december i purchased a flat at dehradun and after 6 months from dehradun to chennai i got my transfer i m govt employee

wanted to what benefit i will get u/s80C  & 24 from 1st prpoerty and from 2nd property

whether i m eligible for loss on intrest from both property which are rented and i m also living in rented accomodation. so what about my HRA exemption.

Abhishek

Recently I have taken a loan for ICICI to purshcase a land at DLF for 30,00,000
I am not getting the income tax benefit(Sec 24) for the Interest I pay , since the bank says "it 
is a land loan"

Can i show this property as a second property and can get the income tax benefit(for the interest 
I pay )(since the interest is a loss). 
My first property is rented up and is shown in the income tax books