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Tax benefits on home loan interest of 3rd home
I am buying a third house. will I be eligible for tax benefits for home loan interest.
Replies (2)
Quick Summary
Yes. There is no restriction to claim the deduction as for number of properties. But As per the act a person can have maximum of two self-owned houses as self-occupied. In case the tax payer has more than two self-owned houses as self-occupied, he has to select any two of the house as self-occupied and treat the third house as deemed to have been let out.
Secondly, he is allowed to claim interest for money borrowed for such house properties only upto Rs. 2 lakhs against any other income in a year. Any excess amount is carried forward.
Provided the following conditions are fulfilled:
1. home loan CIBIL
1. home loan CIBIL
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