Queries like “can we claim interest on housing loan for two houses” are very popular among house buyers. I want to tell you that there isn’t any restriction on the number of homes a person can own in our country. Similarly, under banking laws, there isn’t any restriction as to the number of homes for which an individual can avail of a housing loan. So, can we claim two home loans? The answer is yes, we can.
As per the income tax laws, there isn’t any restriction on the number of homes for which one can claim the tax benefits for housing loans. You can treat only 2 homes as self-occupied and have to provide notional income if more than 2 homes are self-occupied for such additional self-occupied homes. So, there is a restriction of Rs. 2,00,000 up to of loss under the house property head, which a taxpayer can set off against other income during the same year.
For every property that is let out or deemed to have been let out, if more than 2 are treated as self-occupied, you can claim the full interest paid as a deduction. You can carry forward the excess loss for set off against house property income in the next 8 years. No matter how many housing loans you have, the deduction that is allowed under Section 80C for repayment of housing loans is restricted to Rs. 1,50,000 together with several other eligible items.
Now you know how many home loans are eligible for tax exemption.
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I hope I cleared all your doubts regarding the “can we claim interest on housing loan for two houses” query.
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Authors Of The Question
How many home loans are eligible for tax exemption?
Hansraj
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2 Year
2021-12-22T17:46:15+00:00 2021-12-23T18:10:12+00:00Comment
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