I availed Housing loan from a nationalise bank in 1997 for house at Moradabad and availed income tax rebate on intt. and installmets. Principal HL adjusted in Feb 14 and thereafter housing loan installments were utilized to appropriate intt. portion only. Can repayment of interest be included in 80c of Income tax.
Secondly, I purchased another house in another city this Financial year. Can I avail rebate on this housing loan.
Repayment of interest not eligible for deduction u/s 80C. Interest payable can be deducted u/s 24b up to 30k.
With respect of other house purchased (on loan), you can avail deduction of interest u/s 24b up to 2 lacs (if self occupied or else no limit) and deduction on a/c of repayment of principal u/s 80c up to 1.5 lacs. You can show only one house (out of the 2) as self occupied and other house is deemed to be let out.
| Originally posted by : Poornima M | ||
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Repayment of interest not eligible for deduction u/s 80C. Interest payable can be deducted u/s 24b up to 30k. With respect of other house purchased (on loan), you can avail deduction of interest u/s 24b up to 2 lacs (if self occupied or else no limit) and deduction on a/c of repayment of principal u/s 80c up to 1.5 lacs. You can show only one house (out of the 2) as self occupied and other house is deemed to be let out. |
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Gowra Ventures Pvt Ltd
Hyderabad
CA
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