Tax benefits on home loan – Second property

POSTED BY Murali V ON July 13, 2013 5:08 pm COMMENTS (2)

Hi,

I had purchased my first property on 2006 and closed home loan on 2012. I had purchased another property on this year and this will be rented out. I will be paying home loan interest of 4 Lakh from this year onwards. I would like to know, whether I will get IT benefit for 4 Lakh or capped amount of 1.5 Lakhs.

2 replies on this article “Tax benefits on home loan – Second property”

  1. You are lucky . you will get full 4 lacs of exemption .

  2. Mohit Pandey says:

    Dear Murali,

    Yes you can get IT benefit for 4 lacks but you have to a declare property as let out and also you have to pay tax on rental income.

    1.5 limit is applicable only if you are showing property self occupied.

    Regards
    -Mohit

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today