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Can we claim tax deduction on second home?- Property Hotline
Posted
July 29, 2016
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1,817
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July 29, 2016
1,817
10
1
0.61%
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3:41Now PlayingExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.
Question: I took a loan for two homes. I claimed tax deductions on my first home u/s 24. It was self-occupied. Currently, I wish to put the first home on rent and occupy the second home. Can I claim tax deduction on the second home now?
Answer: Yes, your second home will now be an self-occupied property (SOP) and thus you can ONLY avail benefits under section 80C of the IT Act towards principal repayment to an extent of Rs1.50 lakhs and under sec 24(b) you can claim the benefit for the interest paid up to Rs2 lakhs.
Your first property will now be a let out property (LOP) and you can avail benefits under section 80C towards principal repayment to an extent of Rs1.50 lakhs. As this property is let out you can claim the entire amount of interest paid as benefit under sec 24(b).
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