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![[Post New]](/forum/templates/default/images/icon_minipost_new.gif) 14/07/2008 10:16:24
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harshsharma
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Please advice
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15/07/2008 10:51:31
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Dhruv Agarwala
Offline
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On one house, you would be entitled to a deduction on account of the interest payable for the home loan in India every year up to Rs 1.5 lakh and the principal repayment qualifies for deduction under section 80c up to Rs 1 lakh.
The other house will be "deemed to have been let out." consequently, it would be chargeable to the notional rental income that the property would fetch if it is let out. This would be taxable in your hands even if the property has not been actually let out. There is no cap on the interest on the housing loan that you claim as deduction on the second house. However, no tax benefit is available on the principal repayment on the second home loan.
The income from house property in this case is calculated as
rental income net of municipal taxes
less:
standard deduction @30% of rental income
interest payable on home loan
When you own two houses, you may also be liable to pay wealth tax if the net value of the house (net of the loan), along with other assets chargeable to wealth tax exceeds Rs 15 lakh
Download free income tax calculator
This message was edited 3 times. Last update was at 27/07/2009 12:24:24
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iTrust helps you to compare home loans in India & find the best deal. |
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13/09/2010 22:03:03
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Anonymous
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13/09/2010 22:09:36
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Anonymous
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23/11/2010 11:51:01
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Anonymous
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Anonymous wrote:
Ihave taken home loan where I resides nowadays . We both are employee of One Employer .The Tax rebate benefit of said home loan is taking by me only. Now we Purchased Another Flat in other City ( My home Town) in the name of my wife. My question is, ' Is it permissible the tax rebate benifit availed by my wife? my email address is - dvpadp1963@gmail.com
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13/12/2010 19:21:58
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Anonymous
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.housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW
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23/12/2010 13:11:05
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Anonymous
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my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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23/12/2010 13:12:44
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Anonymous
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Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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27/12/2010 12:38:05
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Anonymous
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Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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30/12/2010 08:46:50
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Anonymous
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If the house is let out only for three months in an year, how the income from house property will be calculated.
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01/01/2011 20:16:20
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Anonymous
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Anonymous wrote:If the house is let out only for three months in an year, how the income from house property will be calculated.
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05/01/2011 18:50:30
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benkoloan
![[Avatar]](/forum/avatar/0307fec2cef6aec340b8426490977ef0.jpg)
Location: liverpool
Offline
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Greetings To You. Welcome to kevin walter based in united kingdom as part of its welfare package is currently offering a floating loan at 2% interest rate without any collateral security.This is to help individuals and companies reach their financial objectives. * Personal Loan (Unsecured) * Business Loan (Unsecured) * Debt Consolidation Loan * Improve your home Please, provide us with the following: Full Name....... Home Address.... Phone:.......... Mobile.......... Country........... Occupation:........ Sex:............... Age:.............. Amount Needed...... Loan Duration:........... Need For Loan Application..... Have you apply before?......... All replies should be forwarded to Mr kevin walter Loan Facility Officer E-mail:benkoloan_agent@yahoo.com As soon as we receive the application, Then we will process your Loan application for approval Thanks and Best Regards.
Mr kevin walter
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we offer loans with low interest rate |
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07/01/2011 11:05:06
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Anonymous
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I am having flat; on my name…loan free, in “Vasco, Goa State” and my office / factory is 35 KM away from this flat. Also I had purchased, taken housing loan, another flat in “Nasik, Maharashtra state” which is given on rent.
Suggest me best possible ways of saving IT.
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13/01/2011 11:26:48
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Anonymous
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Iam having a flat in my name thru housing loan 10 lakhs from finance of institution and property is letout. Is the principle and interest is going to get tax relief after deducting letout income? Iam also having an independent house in the same locality thru a housing finance of 30 lakhs which is also letout. Is the principle and interest is going to get tax relief after deducting letout income? Is both the houses can be availed in tax relief for principle and also interest? Please clarify me.
Ramesh
hyderabad
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13/01/2011 11:35:16
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Anonymous
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Iam having a flat in my name thru housing loan 10 lakhs from finance of institution and property is letout. Is the principle and interest is going to get tax relief after deducting letout income? Iam also having an independent house in the same locality thru a housing finance of 30 lakhs which is also letout. Is the principle and interest is going to get tax relief after deducting letout income? Is both the houses can be availed in tax relief for principle and also interest? Please clarify me.
Ramesh
hyderabad
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13/01/2011 20:47:00
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Anonymous
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Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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17/01/2011 21:55:34
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Anonymous
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Anonymous wrote:.housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW
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03/02/2011 22:10:28
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bvarylender
Offline
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Hi,
I'm Mr. Verl Taylor. A reputable, legitimate & accredited money lender. We give out loan of all kinds in a very fast and easy way, Personal Loan, Car Loan, Home Loan, Student Loan, Business Loan, Inventor loan, Debt Consolidation.
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17/02/2011 02:05:11
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ijoe619
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Earn Money Online Free. Learn how to earn money online from paid surveys and other work at home jobs. Earn Money Online without Investment.
surveys
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18/02/2011 16:39:10
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Anonymous
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Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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28/02/2011 19:25:59
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Anonymous
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gfsdfgsd
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07/03/2011 16:31:23
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Anonymous
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First Housing Loan taken in December 2005 for purchase of flat in New Delhi in the name of self(husband) =Rs.12.31lac Second Housing Loan taken in MAY 2009 for construction of house in Lucknow in the name of self and wife who is also an earning member= Rs.39.50lac. Repayment of both the housing loans have been started. Kindly advise whether I ,the husband, am eligible to get rebate of accrued interest of both the housing loans towards income tax or not? i.e.housing loan interests of both the houses can be clubbed together by husband and rebate from income tax will be obtained or not; obviously in this case wife will not claim any exemption. An early reply is solicited.
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08/03/2011 17:49:01
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Anonymous
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harshsharma wrote:Please advice
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13/04/2011 07:43:38
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Anonymous
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laon tekan for house repair
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12/05/2011 13:13:04
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Anonymous
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Anonymous wrote:my first home loan finished now i have purchased a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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12/05/2011 21:16:12
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Anonymous
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Pl give me comparative chart of several bank's rates, emi for 10 laks home loan for 15 years.
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22/05/2011 17:49:52
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Anonymous
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harshsharma wrote:Please advice
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11/06/2011 19:30:33
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Anonymous
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harshsharma wrote:Please advice
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25/06/2011 13:01:40
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Anonymous
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Dhruv Agarwala wrote:On one house, you would be entitled to a deduction on account of the interest payable for the home loan in India every year up to Rs 1.5 lakh and the principal repayment qualifies for deduction under section 80c up to Rs 1 lakh.
The other house will be "deemed to have been let out." consequently, it would be chargeable to the notional rental income that the property would fetch if it is let out. This would be taxable in your hands even if the property has not been actually let out. There is no cap on the interest on the housing loan that you claim as deduction on the second house. However, no tax benefit is available on the principal repayment on the second home loan.
The income from house property in this case is calculated as
rental income net of municipal taxes
less:
standard deduction @30% of rental income
interest payable on home loan
When you own two houses, you may also be liable to pay wealth tax if the net value of the house (net of the loan), along with other assets chargeable to wealth tax exceeds Rs 15 lakh
Download free income tax calculator
This message was edited 1 time. Last update was at 02/02/2012 13:05:36
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25/06/2011 16:04:09
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Anonymous
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Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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06/07/2011 11:00:26
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Anonymous
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Anonymous wrote:
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19/07/2011 20:00:02
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Anonymous
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I am owner of a single home. while caculating income tax rebate the adviser total the prequsitiesfor interest given to the employer along with the interst given to the employer.Is this prequsities is elegble for tax rebete
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27/07/2011 20:50:35
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Anonymous
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Sir, I have already one house where i am living and the second land is purchased and put the estimate of construction for taking second housing loan to the bank.Construction would take atleast one year, In this case can I take tax benefit of both housing loan interest without deemed income
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01/08/2011 21:26:40
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Anonymous
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Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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08/08/2011 16:33:53
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Anonymous
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Anonymous wrote:
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25/08/2011 15:09:37
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Anonymous
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Anonymous wrote:laon tekan for house CONSTRUCTION
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25/08/2011 15:10:11
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Anonymous
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NOT
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03/09/2011 07:11:35
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Anonymous
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is income tax rebate on for second home loan is allowed or not?
if yes explain it.
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03/09/2011 23:10:32
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ankit.et
Offline
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LOAN! LOAN! LOAN! LOAN! IF U WANT ANY LOAN FROM ANY BANK PLZ CALL ME. I WILL PROVIDE YOU LOAN WITHIN 7 DAYS. NO COST WILL BE CHARGE TO CUSTOMER .CALL ME AT ANKIT 09540826801 or mail me the detailsat ankit.et@gmail.com
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04/09/2011 10:09:34
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Anonymous
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Any loan company that uses domain like: gmail.com,yahoo.com,live.com,hotmail.com are all fake and hoax. How can a certified loan outfit use such domains?
i needed 5k pounds early this year i got it in 48hrs from The Enterprise Finance Guarantee now I'm almost done the repayments.
call them at +447024075764 or send a message to them at efg@financier.com.
wish you good luck.
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05/09/2011 21:42:33
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Anonymous
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[hello i m not taking any ruppes from the customer then how can i fraud.we have the autorised permittance from the bank
quote=Anonymous]Any loan company that uses domain like: gmail.com,yahoo.com,live.com,hotmail.com are all fake and hoax. How can a certified loan outfit use such domains?
i needed 5k pounds early this year i got it in 48hrs from The Enterprise Finance Guarantee now I'm almost done the repayments.
call them at +447024075764 or send a message to them at efg@financier.com.
wish you good luck.
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06/09/2011 11:57:29
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Anonymous
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Yes Income tax rebate on second home loan allowed. If you have already have availed a home loan and planning to buy a second house, you are eligible to claim for the tax deduction for second home loan as well. but, this second home should not be self occupied.
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16/09/2011 16:07:38
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ndrwlehman
Offline
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Yes , for this you have to show the rental income of another house for any information about the loan go for Certified Forensic Loan Auditors
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25/09/2011 09:23:30
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Anonymous
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Anonymous wrote:First Housing Loan taken in December 2005 for purchase of flat in New Delhi in the name of self(husband) =Rs.12.31lac Second Housing Loan taken in MAY 2009 for construction of house in Lucknow in the name of self and wife who is also an earning member= Rs.39.50lac. Repayment of both the housing loans have been started. Kindly advise whether I ,the husband, am eligible to get rebate of accrued interest of both the housing loans towards income tax or not? i.e.housing loan interests of both the houses can be clubbed together by husband and rebate from income tax will be obtained or not; obviously in this case wife will not claim any exemption. An early reply is solicited.
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16/10/2011 00:55:16
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Anonymous
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Anonymous wrote:
Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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11/11/2011 11:27:57
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Anonymous
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this is good but according to my knowledge policymantra is best for this services.
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21/11/2011 13:00:17
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Anonymous
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I'm Mr. Jon Verney. A certified, reputable, legitimate & an accredited private money lender. I give out loans at rate of 3%. please e-mail us for your financial solutions. bvalendcorp@LIVE.com
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05/12/2011 16:04:04
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Anonymous
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harshsharma wrote:Please advice
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05/12/2011 16:09:34
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Anonymous
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[b]
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11/12/2011 06:33:59
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Anonymous
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As for Section 24 deduction, on your self occupied house you can take advantage of interest payments up to Rs.1,50,000. For the other property, you can claim actual interest repaid, there is no limit for the same.
taxguru.in/income-tax/faq-on-housing-loan-and-income-tax-benefit..
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12/12/2011 16:17:34
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Lisa00
Offline
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You can get the rebate on home loan, but you must look for ways to maximize this rebate form the income tax.
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Payday Loan | Payday Advances |
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14/12/2011 13:48:09
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Anonymous
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i have house on which i claimed income tax benefit and the loan amount has been paid in full. Now i plan to buy second house on home loan what will be the income tax benefit on both the houses
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15/12/2011 17:19:49
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Anonymous
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We own a house which is being let out and are claiming tax benefit for the same. We are planning to buy another house. Will we be eligible for a second home loan and can we claim tax benefit for it?
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28/12/2011 05:07:04
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Anonymous
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Dear Brethren,
I want to introduce Holy Brotherhood as a Non Governmental organization that providing funding for in form of loan and financial assistance for business,contracts,supplies,consignment and other commercial needs for personal,academic,social and sundary purposes.
Apply for soft humanitarian loans. with zero interest and five years repayment time.
Orsam Gift(gift.sacred@yahoo.com)
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03/01/2012 20:29:49
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Anonymous
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Anonymous wrote:
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04/01/2012 15:18:39
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Anonymous
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Susan's Loan Inc.
A Sincere and certified private money lender approved
by the GOVERNMENT. I give out international and local loans to all countries
in the world. Amount given out $2,500 to $100,000,000 Dollars, Euro and
Pounds, available now are Business, Personal, House, Travel and Student
Loans. Apply for a loan today with your loan amount and duration.Its Easy
and fast to get. 4% interest rates and monthly installment
payments.Check-out this great offer, Please For more information contact me on susanwalter70@yahoo.com
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17/01/2012 21:49:49
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Anonymous
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Anonymous wrote:
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21/01/2012 16:01:25
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Anonymous
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harshsharma wrote:Please advice
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21/01/2012 17:09:08
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Anonymous
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2nd home loan allow or not in income tax rebates
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30/01/2012 13:09:47
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Anonymous
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harshsharma wrote:Please advice
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06/02/2012 00:12:35
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Anonymous
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Anonymous wrote:First Housing Loan taken in December 2005 for purchase of flat in New Delhi in the name of self(husband) =Rs.12.31lac Second Housing Loan taken in MAY 2009 for construction of house in Lucknow in the name of self and wife who is also an earning member= Rs.39.50lac. Repayment of both the housing loans have been started. Kindly advise whether I ,the husband, am eligible to get rebate of accrued interest of both the housing loans towards income tax or not? i.e.housing loan interests of both the houses can be clubbed together by husband and rebate from income tax will be obtained or not; obviously in this case wife will not claim any exemption. An early reply is solicited.
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08/02/2012 01:50:06
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Anonymous
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Anonymous wrote:
Anonymous wrote:my first home loan finished now i have purched a flat in the same locality through hdfc home loan, can i get accrued interest rebate on it.
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09/02/2012 17:18:41
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Anonymous
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harshsharma wrote:Please advice
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09/02/2012 17:23:04
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Anonymous
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harshsharma wrote:Please advice
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10/02/2012 13:48:07
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Anonymous
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Anonymous wrote:
harshsharma wrote:Please advice
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16/02/2012 14:00:40
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Anonymous
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Anonymous wrote:
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16/02/2012 23:00:05
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Anonymous
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Anonymous wrote:
Anonymous wrote:.housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW
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22/02/2012 16:59:29
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Anonymous
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Anonymous wrote:
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26/02/2012 23:46:50
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Anonymous
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harshsharma wrote:Please advice
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28/02/2012 22:27:32
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Anonymous
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Dhruv Agarwala wrote:On one house, you would be entitled to a deduction on account of the interest payable for the home loan in India every year up to Rs 1.5 lakh and the principal repayment qualifies for deduction under section 80c up to Rs 1 lakh.
The other house will be "deemed to have been let out." consequently, it would be chargeable to the notional rental income that the property would fetch if it is let out. This would be taxable in your hands even if the property has not been actually let out. There is no cap on the interest on the housing loan that you claim as deduction on the second house. However, no tax benefit is available on the principal repayment on the second home loan.
The income from house property in this case is calculated as
rental income net of municipal taxes
less:
standard deduction @30% of rental income
interest payable on home loan
When you own two houses, you may also be liable to pay wealth tax if the net value of the house (net of the loan), along with other assets chargeable to wealth tax exceeds Rs 15 lakh
Download free income tax calculator
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15/03/2012 13:14:12
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Anonymous
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Anonymous wrote:
Anonymous wrote:
Ihave taken home loan where I resides nowadays . We both are employee of One Employer .The Tax rebate benefit of said home loan is taking by me only. Now we Purchased Another Flat in other City ( My home Town) in the name of my wife. My question is, ' Is it permissible the tax rebate benifit availed by my wife? my email address is - dvpadp1963@gmail.com
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15/03/2012 14:32:45
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Anonymous
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I have taken home loan for extension of my home for 6 lacs and I m getting IT benefit for the same..the property is in gujarat...Now presently i have shifted to Mumbai and planning to buy another property in which i will take loan of 30lacs...can anyone suggest whether I will be eligible for tax benefit for second loan even though the amount of intrest on tax is exceeding 1.5 lacs...
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18/03/2012 23:06:08
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Anonymous
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House property let out for part year is considered to be let out for the entire year. At first this may appear to be bad, but it is actually good for the tax payer. The reported income will be the rent you received for the three months. However, you may take deduction for the entire interest paid towards any housing loan for that year. The Rs. 1.5 lakhs limit don't apply. Also, you may take up to 1 lakh deduction under 80c for the payment towards principal of your house.
This reply is from actual experience and has been approved by the IT Officers (two of them, in fact).
Anonymous wrote:If the house is let out only for three months in an year, how the income from house property will be calculated.
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18/03/2012 23:11:43
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Anonymous
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When you own more than one house, you are deemed to have let out the houses you own in excess of one. You are liable for IT on the 'notional' rent you deemed to have received on the other houses. This means, all houses other than your "principal" house are considered rental property and you may take the tax benefit for the ENTIRE interest you pay for those houses. The Rs. 1.5 lakh limit don't apply for let out properties.
The good thing is that you may choose any one of those houses as you "principal" house provided they are not actually let out. This need not be the one in which you are actually staying!
Hope this helps.
Anonymous wrote:I have taken home loan for extension of my home for 6 lacs and I m getting IT benefit for the same..the property is in gujarat...Now presently i have shifted to Mumbai and planning to buy another property in which i will take loan of 30lacs...can anyone suggest whether I will be eligible for tax benefit for second loan even though the amount of intrest on tax is exceeding 1.5 lacs...
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18/03/2012 23:14:38
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Anonymous
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Sure!
You take the deduction for your house on your tax return. Your wife takes the deduction for her house on her return.
The above assumes that the first house is in your name and the other in your wife's name.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Ihave taken home loan where I resides nowadays . We both are employee of One Employer .The Tax rebate benefit of said home loan is taking by me only. Now we Purchased Another Flat in other City ( My home Town) in the name of my wife. My question is, ' Is it permissible the tax rebate benifit availed by my wife? my email address is - dvpadp1963@gmail.com
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20/03/2012 14:17:53
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raghu25
Offline
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Hi....Thanks for the information....!!!!
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business hotels in bangalore |
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26/03/2012 17:52:09
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Anonymous
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I am getting rebate on 1st Housing Loan. Can I get rebate on 2nd Housing Loan or otherwise
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28/03/2012 15:20:43
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Anonymous
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harshsharma wrote:Please advice
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28/03/2012 15:28:12
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Anonymous
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harshsharma wrote:Please advice
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30/04/2012 15:38:41
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dhiraj.patel
Offline
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Section 24(b) of the Income Tax Act, 1961 is applicable on Home loans for purchase of house or construction of the house property. Under this you can avail deduction of up to Rs. 1, 50, 000 of you total tax liability. Second house is not taken as a self-occupied house and you have to pay taxes for rental income from it. This income is calculated after deducting up to 30% on maintenance expenses and property taxes. You will again enjoy tax-exemptions via – 1. Up to 1 Lakh for Principal Repayment under section 80 C 2. Unlimited Exemption on Interest Repayment, albeit with a difference. Loss from house property is calculated as Annual Interest Repayments minus the Adjusted Rental Income and this differential amount is eligible for tax-benefits.
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