by
Mr. Parizad Sirwalla, CA
I
took a housing loan in 2003 to buy a flat & have paid it off. Now, I want
to take another housing loan for another flat which I propose to purchase. Will
I get Income tax exemptions?
—
Mr. Gautamanan
You
can avail the income tax benefit in respect of the housing loan which you
propose to avail for purchasing the second residential property.
 |
| Parizad Sirwalla, CA. |
The
quantum of deduction towards interest on home loan would depend upon whether
the residential property against which the housing loan is availed is a
self-occupied property (SOP) or / a
let-out property (LOP) or / deemed to be let-out (DLOP).
If
the property is an self-occupied property, the deduction towards interest shall
be restricted to Rs.1.5 lakh per financial year
Whereas, if the property is treated as an a let-out property or /
deemed to be let-out , the entire interest on housing loan can be claimed as
deduction against the net rental value / or deemed rental value offered.
Additionally,
you can claim deduction towards repayment of the principal of the housing loan
borrowed from specified lenders subject to overall cap of Rs. 1 lakh under
section 80C, irrespective of whether the property is an SOP, LOP or / DLOP.
No comments:
Post a Comment