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Can I avail tax returns on second home loan?- Property Hotline
Posted
December 2, 2016
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December 2, 2016
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3:35Now PlayingExpert: Kartik Jhaveri, Director, Transcend Consulting (India) Private Limited.
Question: I have already taken a home loan and am availing income tax returns for that. I now want to take another home loan for another house. Can I avail income tax returns for that as well?
Answer: You can avail income tax returns from other property. Your second property will become let out property (LOP) and your first property will become self-occupied property (SOP). You will get standard deductions of Rs 1.50 lakh upto Rs 2 lakh on interest. You will have to report the rental income you are getting via second property on that you can get 30% tax deduction.
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