Income tax benefit on Home loan on 2 properties

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  1. prabhakaran

    prabhakaran New Member

     
  2. prabhakaran

    prabhakaran New Member

    Sir.How much top up loan interest less on housing loan? How much top up loan principle deducted in 80c?
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    @prabhakaran : The same rules apply for top-up loan as for the basic home loan i.e.

    For Interest, deduction allowed under Section 24 is as follows:
    1. In case of Self Occupied Property - 2 Lakhs
    2. In case of Let out property - No Limit
    For Principal, deduction allowed under Section 80C is Rs. 1,50,000
     
  4. prabhakaran

    prabhakaran New Member

    sir I have get the housing loan from sbi. Now, i have get the top up loan from same bank. Now Iam deduction the first loans principle in 80c and interst in 80ee. now iam deduction the anonther top up loans interst and priciple how much? please reply to me
     
  5. gaurav_kumar

    gaurav_kumar Well-Known Member

    @prabhakaran : The total limit for deduction for home loan of basic + top-up loan is as follows:-

    Deduction under Section 24 for Interest:-
    1. In case of Self Occupied property - Rs. 2 Lakhs
    2. In case of Let out - No Limit
    Deduction under Section 80C for Principal:- Rs. 1.5 Lakhs
     
  6. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member

    Last edited: Feb 20, 2015
  7. gaurav_kumar

    gaurav_kumar Well-Known Member

    @SUDHIR BANDEKAR : Yes, you are right.... The deduction allowed for Loan for Renovation of House is Rs. 30,000 only.

    The deductions mentioned above is total of Basic + Top-up Loan
     
  8. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member


    Hello sir, thanks, adding to this can i have top up loan for 2 houses one self occupied and other rented and claim this benifit of Rs. 30000 for each house i.e. totally Rs.60000?
     
  9. gaurav_kumar

    gaurav_kumar Well-Known Member

    The limit of Rs. 30,000 is only applicable for renovation of self-occupied property.

    And if you have more than 1 property - 1 would be self occupied and the other would be deemed let-out.

    Therefore, for the self occupied property - the limit would be Rs. 30,000

    For the deemed let-out property - there is no maximum limit of claiming interest of Home Renovation Loan.
     
  10. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member

    Ok, thanks sir, that means i can claim complete interest on top up loan if i take top up loan of say 10 lakhs on rented property along with the interest on basic loan?
     
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