Interest exemption on second housing loan for self occupation

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  1. K Madhavan pillai

    K Madhavan pillai New Member

    Please clarify if I am eligible for income tax exemption for purchase of second house for self occupation. And the first house is occupied by my family.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Yes, you can claim income tax exemption for more than 1 house
    2. Both the houses cannot be shown as Self-Occupied. You will have to show any 1 house as self occupied and the other house as deemed let out.
  3. Mallikarjuna Gowdar

    Mallikarjuna Gowdar New Member

    I an facing a similar issue. bought a new 2nd house but now i am planning to rent the new house from july 2015. can i claim the full interest for the entire (interest paid for 2015 -2016)?
    2. Also, i f dont let out the propoerty for rent this year but keep it empty, then how can i claim the benefit?

  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. Yes, you can claim deduction for the full interest
    2. If you keep it empty, as it is your 2nd house it will deemed as let out and therefore deduction of full interest would be allowed. However, tax on notional rent would also be required to be received.
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