HOUSE loan intrest rebate

I have two loans running, one house is on rent, the other is not occupied. do i get benefit of deduction from both the intrest paid to bank, or only one.

asked Jul 27 '11 at 22:41 by parry 1111

you will get interest benefit on both loans. but for both of them, you will have to show rental income. one house is already on rent and for other one, you have to show notional income from other home even though it is not rented actually.

For each house, From Gross Annual Value, deduct 30% as your standard deduction, deduct municipal taxes paid, this amount will be your net annual value. This amount will be taxable in ur hands.

answered Jul 28 '11 at 01:31 by Amit91 196456

thanks for the help, it was really usefulhow do i find the gross annual value, is it available on net? in my question, i wrote as vacant, but one house is rented and the other is self occupied
(Jul 28 '11 at 18:02) parry
If one house is rented and one is self occupied, you will max home loan interest exemption for 1.5 lacs on self-occupied and no maximum limit on exemption.
(Jul 28 '11 at 18:06) Pankaj Batra

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Asked: Jul 27 '11 at 22:41

Seen: 2,097 times

Last updated: Jul 28 '11 at 18:06