I am taking Second Home Loan

Dear Sir, I have taken my first home loan in 2012 for a flat in Mumbai for 72Lakhs, I am staying in this flat. For the same I am claiming an interest in income tax for 1.5Lakhs. Now I am taking another loan for a flat in Ahmedabad for 25 Lakhs with 20 Lakhs loan. I heard that the second home loan interest can be fully exempted from Income tax. Is it true and if it is How will this be done in your calculator.

Amit

asked Mar 14 '13 at 12:24 by amitj 111


For second house which is not self occupied, you can deduct whole interest payment from rental income to reduce your rental income tax liability.

Say, if you paid 2 lakh as interest and received 3 lakh as rent on new property, your net taxable rental income would be 1 lakh only.

answered Mar 14 '13 at 19:54 by Pankaj Batra 5.2k320

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there is no provision as such that interest on your 2nd home loan would be fully exempted from tax..

answered Mar 14 '13 at 18:00 by CA Karan Batra 53216

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Asked: Mar 14 '13 at 12:24

Seen: 4,539 times

Last updated: Mar 14 '13 at 19:54