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Incometax benefit for 2 housing loan

Tax planning 407 views 2 replies

pallavi Tarani

Accounting Manager

28 Points Joined August 2011

We had taken 1st housing loan and taken yearly benefit of principal and interest under income tax.

We had sold that house and purchased new house.

During the current year financial year we have repaid fully 1st housing loan and paying regualar installment of 2nd housing loan.

Under 80 C can we take the benifit of both repayment of principal for housing loan?

Best Regards

Pallavi

Replies (2)

geetha

student

414 Points Joined August 2011

yes u can. up to the Limit of Rs.1,00,000 u/s 80C ..

no u cnt take benefit double. to claim repayment and interest u should be the owner of the house. since u sold the house which means ur no longer owner of the house. but u can take the benefit u/s 80 c of principal repayment upto 1 lacs and us 24 ( b ) interest under the head house property.