Interest of Second Housing Loan for the same house

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  1. LIDHISH KUMAR M S

    LIDHISH KUMAR M S New Member

    Mr.Sudhir has got one housing loan and he has taken another loan for extension of the same house. His employer says he can not claim the interest of second home loan for income tax exemption. Please advise?
     
    Last edited: Feb 21, 2015
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    It is nowhere mentioned in the Income Tax Act that a person can claim deduction for 1 Home Loan.

    You can claim deduction for any no. of home loans without any maximum limit.

    Ask your company accountant to mention the section on the grounds on which he is forming his opinion.
     
  3. anil kumar c.n

    anil kumar c.n New Member

    Sir, I owned two housing loans for my single house with same document. The loans are sanctioned from9/11/2007and 18/06/2009 for the amount of 500000/-and 200000/- respectively. For the tax deduction on this year, our employer denied the second loan sanctioned from 18/06/2009, said that the income tax department not allowed the said deduction because only one loan for a single house is allowed. What is the right rule ?
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    The Income Tax Act nowhere mentions that the deduction is allowed for only 1 loan.

    The deduction can be claimed for any no. of home loans.

    There are many taxpayers who claim the deduction for more than 1 home loans. All companies also accept the declaration for more than 1 home loan.

    Ask your company to substantiate the ground and show where is it written.

    PS: It is nowhere written
     
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