Latest posts for the topic "Income tax rebate on second home loan allowed or not?"

Income tax rebate on second home loan allowed or not?

harshsharma — GMT

Please advice

Re:Income tax rebate on second home loan allowed or not?

Dhruv Agarwala — GMT

On one house, you would be entitled to a deduction on account of the interest payable for the [url=http://www.itrust.in/home-loan.action]home loan in India[/url] 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 [url=http://www.itrust.in/home-loan.action]housing loan[/url] 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

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote] 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

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

.housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]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.[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous]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.[/quote][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

If the house is let out only for three months in an year, how the income from house property will be calculated.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]If the house is let out only for three months in an year, how the income from house property will be calculated.[/quote]

Income tax rebate on second home loan allowed or not?

benkoloan — GMT

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]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.[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous].housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW[/quote]

Income tax rebate on second home loan allowed or not?

bvarylender — GMT

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Re:Income tax rebate on second home loan allowed or not?

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous]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.[/quote][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

laon tekan for house repair

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]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.[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

Pl give me comparative chart of several bank's rates, emi for 10 laks home loan for 15 years.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Dhruv Agarwala]On one house, you would be entitled to a deduction on account of the interest payable for the [url=http://www.moneylaxmi.com/homeloan/icici-bank.php]home loan in India[/url] 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 [url=http://www.itrust.in/home-loan.action]housing loan[/url] 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[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[size=18][/size][quote=Anonymous][quote=Anonymous]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.[/quote][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous]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.[/quote][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]laon tekan for house CONSTRUCTION

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

NOT

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

is income tax rebate on for second home loan is allowed or not?
if yes explain it.

Income tax rebate on second home loan allowed or not?

ankit.et — GMT

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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?
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call them at +447024075764 or send a message to them at efg@financier.com.

wish you good luck.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[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.
[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

Re:Income tax rebate on second home loan allowed or not?

ndrwlehman — GMT

Yes , for this you have to show the rental income of another house for any information about the loan go for [b]Certified Forensic Loan Auditors[/b]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous]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. [/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote][/quote][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[color=orange][/color][size=9][/size][quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[b]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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..

Re:Income tax rebate on second home loan allowed or not?

Lisa00 — GMT

You can get the rebate on home loan, but you must look for ways to maximize this rebate form the income tax.

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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?

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

2nd home loan allow or not in income tax rebates

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous]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.[/quote][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=harshsharma]Please advice[/quote][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous].housing loan second time for extansion of house,ispermissible for rebate in income tax calculation for the year2010-2011 shobhan ghosh LUCKNOW[/quote][/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Dhruv Agarwala]On one house, you would be entitled to a deduction on account of the interest payable for the [url=http://www.itrust.in/home-loan.action]home loan in India[/url] 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 [url=http://www.itrust.in/home-loan.action]housing loan[/url] 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[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=Anonymous][quote=Anonymous][/quote] 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[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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...

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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).

[quote=Anonymous]If the house is let out only for three months in an year, how the income from house property will be calculated.[/quote]

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

[quote=Anonymous]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...[/quote]

Re:Income tax rebate on second home loan allowed or not?

Anonymous — GMT

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.

[quote=Anonymous] [quote=Anonymous][quote=Anonymous][/quote] 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[/quote][/quote]

Re:Income tax rebate on second home loan allowed or not?

raghu25 — GMT

Hi....Thanks for the information....!!!!

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

I am getting rebate on 1st Housing Loan. Can I get rebate on 2nd Housing Loan or otherwise

Income tax rebate on second home loan allowed or not?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

can Intrest benefit for second home loan allowed or not for calculation of income tax?

Anonymous — GMT

[quote=harshsharma]Please advice[/quote]

Re:Income tax rebate on second home loan allowed or not?

dhiraj.patel — GMT

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.