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IF I TAKE HBA LOANS OF 09.50 LAKHS FROM SBI FOR ONE FLAT AND OTHER HBA LOAN OF 16 LAKHS FOR 2ND FLAT FROM SOME OTHER BANK, THEN IS IT POSSIBLE TO GET MAX.TAX BENFIT OF 1.5 LAKHS FOR FINACIAL OR NOT and CAN I SUBMIT THE SAME DETAILS TO MY COMPANY FOR NOT DEDUCT EXTRA TAX.PLEASE ADVISE ME
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| DORABABU (Posted: Oct 8, 2011) |
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I have taken home loan of Rs 500 000 on 2004. Now its outstanding is275000, jan 2010, i take a hand loan of rs 100000 from my friend
with the interest rate of 1.5% p.m
could i avail the 30000 deduction along with 1.5 laks deduction during this financial year 2010-2011
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| suyambu (Posted: Feb 12, 2011) |
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I am bit confused about the amount of principle repaid that can be claimed for tax deduction. I remember the ceiling on principle repayment to be Rs. 20,000. Is the eligible amount for deduction Rs.20,000 or Rs. 1,00,000?
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| Sunil (Posted: Aug 9, 2008) |
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It is legally incorrect to say that interest is allowed only on EMI payment. Interest is recognised on due basis also.
A person can have any number of house loans and all such deduction are applicable subject to the following
-interest in the case of property let out dont have any maximum ceiling.
- Only self occupied house property has 1.5 lakhs as a ceiling
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| sathya (Posted: Aug 8, 2008) |
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