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Can I claim tax exemption on 3 properties?- Property Hotline
Posted
October 28, 2016
Views
94
October 28, 2016
94
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1:43Now PlayingExpert: Kartik Jhaveri - Founder & Director-Transcend Consulting India Private Limited.
Question: I have 3 apartments. I did not take a loan to buy the first property. I availed loans on second and third property. Can I claim tax exemption on interest and principal on the first, second and third property? If yes, how much?
Answer: If you don't have a loan, the question of tax benefits does not arise. If you own more than one house property, the IT Act 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 (Self Occupied Property) SOP and the 2nd and 3rd as deemed to be ( Let Out Property) 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 Rs 1.5 lakhs).
Interest - No maximum limit prescribed hence you can take tax deduction of the whole interest amount under Section 24(b).
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