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How much interest can we claim on purchase of second homes?- Property hotline
Posted
September 2, 2016
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September 2, 2016
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3:56Now PlayingExpert: Kartik Jhaveri, Founder & Director at Transcend Consulting India Pvt Ltd.
Question: My wife owns a property that was bought in 1998. We have repaid the loan and have claimed tax deduction on the interest. In case I want to buy a second home, how much interest can I claim?
Answer: If you are planning to let out (give on rent) this second property, then you can claim the entire interest as a deduction under section 24(b) of the IT Act. In case this property is going to be a self-occupied property, then you can claim up to a maximum of Rs2 lakhs as interest deduction under section 24(b) of the IT Act.
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