Interest on second housing loan for the same house _ 24(b)

Tax queries 302 views 3 replies

Sai Kumar Reddy Pulagam

Student

8 Points Joined June 2017

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. :)

Replies (3)

Divakar

Student CA Final

11857 Points Joined May 2015

Yes u can claim... Maximum limit under section 24(B) is 200000 and under section 80C 1.5 lakh

RAJA P M

"Do the Right Thing...!!!"

128147 Points Joined January 2015

Yes... I agreed to Mr Divakar...

If the house is "SELF OCCUPIED" property then You can claim interest Rs. 200000 u/s 24(b)...

In case the house is "LET OUT PROPETY" them You can claim Full value of Interest u/s 24(b)...

Rishi

NONE

163 Points Joined April 2012

U can claim 2,00,000 as max deduction u/s 24b for acquisition /construction of a self occupied property,however for loan taken for reconstruction of property, max deduction is Rs.30,000.Therefore deduction = Rs2,00,000+30,000.