Section 24 - Interest Deduction for 2 Houses?

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  1. AnantBansode

    AnantBansode New Member

    Hi,

    Please help to tax declaration.

    I have taken home loan(10 lac) on 2011 and i am claiming Interest under 24C .
    In last year 2013, i have taken top up loan(3) for renewal of current home.
    Again in last year, i have purchase second home (under construction) again from same bank loan i.e 13lac.

    These two houses is at my native place(far away), and i am working in Mumbai and staying in rental apartment.

    No my question is ::
    Can I claim HRA ?
    Can I claim interest on first home + new top up amount in 24C ?
    Can I claim interest on home loan on second house in 80EE ?
    In coming financial year...

    Regards
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear @AnantBansode :

    1. Yes, you can claim HRA
    2. You can claim interest on both
    3. Deduction under Section 80EE is only for 1st time home buyers.
     
  3. AnantBansode

    AnantBansode New Member

    Hi @Neha Sharma ,

    Thanks a lot for quick reply.
    In my case 80EE is rejected but,

    Bank person told my that "I can not claim Interest benefit on renewal loan amount of first home" ?
    If we can claim this amount also then let me know :
    Can i claim below amounts in 24C (upto 2 lac)
    (1st home loan interest + 1st home loan renewal interest + 2nd home loan interest) ?
    Remember 2nd house still in construction phase, but EMI started.


    Regards
    Anant
     
  4. Neha Sharma

    Neha Sharma Active Member

  5. Neha Sharma

    Neha Sharma Active Member

    For the home which is under construction, interest deduction wont be allowed till the time it gets completed.

    The interest would be cumulated and then deduction for interest would be allowed in 5 equal installments.
     
  6. Kamlesh Bish

    Kamlesh Bish New Member

    repair or reconstruction of an existing property
    in that case the deduction would be Rs 30000/- maximum.
     
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