23 replies on this article “Tax Benefit on two home loans”

1. Jaipal says:

   March 19, 2016 at 9:57 am

   What if we give second home also for rent? I mean one can have two houses given for rent and staying in rented house due to some reasons. Can he get tax benefit on interests of two home loans and also HRA?

   Reply
   1. Manish Chauhan says:

      March 21, 2016 at 8:24 pm

      I am not very clear on this

      Reply
      1. Jaipal says:

         March 22, 2016 at 10:00 am

         I am living in rented house and I bought two houses by taking home loan. I am paying EMIs for two home loans. Can I get tax benefit for my two home loans and also HRA benefit?

         Reply
         1. Jaipal says:

            March 22, 2016 at 10:01 am

            I gave my two houses for rent and I am getting rental income.

            Reply
         2. Manish Chauhan says:

            April 6, 2016 at 12:47 pm

            Yes

            Reply
2. Ram says:

   July 8, 2014 at 2:16 pm

   I have two home loans.

   Home 1 -> Interest 1.5L
   Home 2 (Joint HL with wife) -> Interest 5L.

   As per the information I have, I can show Home 2 on rent. So for home 1 I will get 1.5L tax deduction.

   For Home2; My wife will claim 1.5L so rest 3.5L – standard deduction I can claim as tax benefit.

   So anyone please help?

   Reply
3. ashalanshu says:

   February 23, 2014 at 9:38 am

   Dear Lucky, can you come over personal E-mail? I somehow not getting clear info from you that’s why asking to discuss privately. if it’s Ok to you.

   Thanks

   Ashal

   Reply
4. luckyr18 says:

   February 22, 2014 at 7:22 pm

   So you mean me and my wife will reside in first house.
   My father will reside in second house. We all 3 are the partners of this house.

   Then both houses will be called as self occupied or not ?

   Reply
5. ashalanshu says:

   January 31, 2014 at 12:29 pm

   Dear Lucky, if you declare rental income from 2nd house, full interest ‘ll be available for you and your wife and your father.

   Thanks

   Ashal

   Reply
6. luckyr18 says:

   January 30, 2014 at 6:55 pm

   My father will occupy the second home

   Reply
7. luckyr18 says:

   January 30, 2014 at 5:52 pm

   Myself, my wife and my father are in govt. services and are earning Rs.40000 each. We have two home loans. First home is in the name of myself and my wife for which we are paying 12500 each i.e., 25000 as emi.
   Second home is in the name of Myself, my wife and my father for which we are paying 9000 each i.e., 27000 as emi.
   Myself and my wife are enjoying tax benefits on our first home.

   What will be tax deductions for second home

   Reply
8. Ashal Jauhari says:

   April 19, 2013 at 11:24 am

   Dear Senthil, as the nnd house in your case is self occupied property, the interest benefit ‘ll be limited to 1.5L Rs. only & not the 2.5L Rs. as you are thinking.

   Thanks

   Ashal

   Reply
9. Senthil A says:

   April 19, 2013 at 11:15 am

   Thanks FFC & Ashal. Let me know my understanding is correct from the above information & article

   2nd home self occupied:

   Principal amt: up to 1 lakh deductible (80C)
   interest amt: 2.5 lakhs

   1st home rental property:

   Principal amt: not eligible
   interest amt: 1 lakhs

   Total interest amount deductible: 1st home loan interest ( (rent – municipal tax) – ( 30%deduction + H.L interest) + 2nd home loan interest.

   Thanks,
   Senthil

   Reply
10. Ashal Jauhari says:

    April 18, 2013 at 10:55 pm

    Dear Pattu, the interest related thing is already discussed by me in that discussion with dear Bhanu Prakash.

    Thanks

    Ashal

    Reply
11. Ashal Jauhari says:

    April 18, 2013 at 6:43 pm

    Dear Pattu, it’s alright. All of us are learning collectively. Second point I assume you are referring to Interest benefit. Please tell what are your queries & we can discuss it.

    thanks

    Ashal

    Reply
    1. Free Financial Calculators says:

       April 18, 2013 at 6:53 pm

       I dont have a query. I thought the article answered Senthil’s question. I need to understand how exactly it is wrong. Not saying it is not wrong. Just need to learn the difference. Thanks

       Reply
12. Ashal Jauhari says:

    April 18, 2013 at 4:53 pm

    Dear Pattu, the article shared by you is providing wrong info. For correct version, please check this –
    http://localhost/jagoforum2/second-home-loan-query-tax-benefits/7552/

    Thanks

    Ashal

    Reply
    1. Free Financial Calculators says:

       April 18, 2013 at 6:08 pm

       Thanks a lot Ashal. So the principal amt of both loans can be clubbed for 80C deductions up to 1 lakh. The second point requires a little more reading to understand. Will do so.
       Thanks

       Reply
13. Jha says:

    April 18, 2013 at 12:39 pm

    Dear FFC

    Thanks for your clarifications., Regards, Jha

    Reply
14. Jha says:

    April 18, 2013 at 11:43 am

    Dear Mr. FFC

    Pl. recheck your answer on principal amount claiming under 80c for Rental Property.

    Regards, Jha

    Reply
    1. Free Financial Calculators says:

       April 18, 2013 at 12:18 pm

       The above link confirms what I have written. other sources can easily be found.

       Reply
15. Free Financial Calculators says:

    April 18, 2013 at 11:00 am

    For “Deductions allowed on income from second home” and “how to save on taxes”

    see

    http://articles.timesofindia.indiatimes.com/2012-04-30/personal-finance/31506262_1_deductions-second-house-rental-income

    Reply
16. Free Financial Calculators says:

    April 18, 2013 at 10:54 am

    self occupied property:

    Principal amt: up to 1 lakh deductible (80C)
    interest amt: upt o 1.5 lakh deductible (section 24)

    rental property:

    Principal amt: not eligible
    interest amt: entire amt deductible (not limit)

    Reply

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