Interest Rebate On Second Housing Loan

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Interest Rebate On Second Housing Loan
Interest Rebate On Second Housing Loan


Interest Rebate On Second Housing Loan -

For maintenance purposes and general upkeeps the owner of that let out property can claim a tax rebate of 30 Under Section 24 of IT Act one can avail income tax benefit on interest payment of the second home loan In that case a deduction of up to Rs 2 lakh will be available for taxpayers

You will be able to claim the interest paid on second home loan in fy 23 24 only once you get the possession and any unclaimed interest of prior years can be claimed in 5 equal installments from fy 23 24 upto a max of rs 2 lacs per fy aggregate

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Tax benefit on interest payment in 2024 You can claim deduction for interest payable on a loan taken for purchase construction repair or renovation of any property whether commercial or residential under Section 24 b This deduction on interest payment is available for any residential or commercial property owned by you

Similarly if you own a second home that is vacant or inhabited by family members such as parents you can also claim a deduction on the interest paid for that property under the same section However it s important to keep in mind that the total deduction for interest paid on both home loans combined should not exceed INR 2 lakhs

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Loan Rates Advantage Credit Union

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Loan Rates Advantage Credit Union


You can avail deduction on the interest paid on your home loan under section 24 b of the Income Tax Act For a self occupied house the maximum tax deduction of Rs 2 lakh can be claimed from your gross income annually provided the construction acquisition of the house is completed within 5 years

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business investment or other deductible purposes Otherwise it is considered personal interest and isn t deductible

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You will be able to claim the interest paid on second home loan in fy 23 24 only once you get the possession and any unclaimed interest of prior years can be claimed in 5 equal installments from fy 23 24 upto a max of rs 2 lacs per fy aggregate

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How To Save Income Tax On Your Home Loan ClearTax

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If the loan is taken jointly each loan holder can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment under Section 80C up to Rs 1 5 lakh each in their tax returns To claim this deduction they should also be co owners of the property taken on loan

You will be able to claim the interest paid on second home loan in fy 23 24 only once you get the possession and any unclaimed interest of prior years can be claimed in 5 equal installments from fy 23 24 upto a max of rs 2 lacs per fy aggregate

If the loan is taken jointly each loan holder can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment under Section 80C up to Rs 1 5 lakh each in their tax returns To claim this deduction they should also be co owners of the property taken on loan

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