How much tax exemption can we get from second home loan?- Property hotline
August 26, 2016
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4:37Now PlayingHow much tax exemption can we get from second home loan?- Property hotline
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as posted by the channelExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.
Question: I have 3 apartments. The first one was self-financed. The second and third apartments were bought on loan. How much tax exemption can I get from the second home loan?
Answer: If you own more than one house property, the IT department only considers one property as a self-occupied house. It treats all other houses as deemed to be rented properties even if they are not rented at all. If you are considering the property that is self-financed as a SOP and the 2nd and 3rd as deemed to be LOP, then the tax benefits will be as follows-
Principal - Eligible for deduction under section 80C of the IT Act (subject to overall limit of Rs1.5 lakhs).
Interest - No maximum limit prescribed hence you can take tax deduction of the whole interest amount under Section 24.
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