tax rebate on home loan

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  1. vijendra

    vijendra New Member

    i am a govt. employee .i got sanctioned a loan of Rs. 10 lakhs in 2010 for construction of ground floor and completed construction in same year. after completion of ground floor i shifted my family in said house.later in 2012 i got sanction another home loan of Rs.13 lakhs for construction of 1st floor and completed construction in same year.now i residing in both floors.it is my first house property .please clearfy the following
    1) am i eligible to get rebate on principal part as well as on interest component on both home loans .
    2)in previous year my employer issued me form 16 in which he given me rebate only on a single loan while i submitted both statements of loan.they mentioned that Rs 20000 is upper limit of rebate on principal part under sec 80c and given rebate only of Rs. 20000 under sec 80c and Rs.131000 as interest component under sec 24.is it correct and justified or not ?
    please advice me
    thanks
     
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