We have taken two house Loans for the same house. One at the time of Intial Stage and the another one for the purpose of Reconstruction of the same house.
Query:
Can we take the Interest on Second House Loan taken for the Reconstruction of the Same House (House for which we have already taken First House Loan) as Deduction u/s 24(b) along with the Interest of First House Loan u/s 24(b).
And In addition to this, Is the Prinicipal Amount repaid for the Second Home Loan for the same house eligible for deduction u/s 80C (We also want to take the Principal repayment of First House loan also as deduction u/s 80C). (We know that the max cap is 1,50,000)
Kindly provide your views on the above. Detailed explanation is much apprecited.
Thanks in advance. :)
CAclubindia
