Income tax benefit on Home loan on 2 properties

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  1. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, your interpretation is correct.

    You can claim deduction for complete interest on top-up loan.
     
  2. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member

    Thanks Sir, As my flat is still under construction and not yet registered my bank said cannot give Top Up Loan but can give Home Extension Loan (Bank said "This is only for loans under part disbursement & work is in progress"). Is the same IT rules apply for this type of loan also? i.e. can I claim deduction for complete interest on Home Extension loan if property is let out?.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    @SUDHIR BANDEKAR
    Yes, the same rules will apply as the ultimate purpose for which the funds are being used is the same.
     
  4. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member

    Ok thanks for your reply Sir
     
  5. SUDHIR BANDEKAR

    SUDHIR BANDEKAR New Member

    Hello Sir. I had booked my property in Jan2014 with service tax at that time @ 12.36% which is considered for my total flat value. Now it is hiked to 14% in central budget. I have not yet registered my property. If I registered my property next month i.e. in April should I have to pay 14% service tax or 12.36%?.
     
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