Tax And Home Loan Benefit If You Own Multiple Homes

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Tax And Home Loan Benefit If You Own Multiple
Homes
Jan 2018
TAX 8 HOME LOAN BENEFIT IF YOU OWN MULTIPLE HOMES
In Green Homes
Generally, people are under the impression that
they can buy any number of properties but can't
take more than one home loan at a time. This
actually is not true since there are no
restrictions on property numbers that one can
own, also there is no restriction on the house
numbers for which one can take the loan or claim
the tax benefits. The amount of the home loan
that one can take the loan for all the properties
together depends on the earnings as well as the
ability to service the loan.
Tax benefit on interest payment You can claim for
the interest deduction on the loan amount
payable, taken for construction, purchase,
renovation or repair of property under Section
24b. In case one owns a housing property which is
actually occupied by you, the maximum deduction
can be claimed on the interest repayment on the
loan for the property which is restricted to2
lakh/annum. In case the money is borrowed,
however, after April 1st1999 as well as
construction of property is actually not
completed within the time period of 5 years from
the end of financial year in which money the, the
deduction in respect of interest claim shall
actually be restricted to only Rs 30,000.
In case, you let any properties or the property
owned by you, one can really claim the deduction
for complete interest paid, without any of the
upper ceilings against rental received in respect
to each property. In case you own one house
property, however, as more than one house
occupies by you then choose any property as the
self-occupied and other properties/property are
treated as it let-out for national rental income
which is based on the property rent which is
expected to fetch, required to offer for
taxation. Thus, ant property is treated as to
let-out, claim the tax advantages for the
complete interest paid for the money that is
borrowed in respect to the property that treated
as let-out.
The deduction on the payment of interest is
available for any commercial or residential
property which is owned by you. Also, it is
available irrespective of the money borrowed from
the housing company or bank or from the relatives
or friends for purpose of the purchase
construction, repairs, reconstruction, etc.
Any of the interest paid during the period of
construction which can be amortized as well as
can be claimed in 5 equal installments, beginning
from years in which construction is possession
and completed of the house taken.
Tax benefit on repayment of principal According
to the provisions of Section 80C, you can
actually claim up to Rs 1.5 lakhs for the
repayment of housing loan that is taken from the
specified institutions including the registration
cost and the stamp duty of the residential house.
Though you can actually take a home loan for more
than a single property, the amount of the
deductions shall be restricted to Rs 1.5 lakhs.
The complete deduction fo amount includes other
items such as life insurance premium, provident
fund contribution, PPF contribution, tuition
fees, ELSS, NSC, etc.
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