Income tax: Home loan benefits when two houses are self-occupied

There is nary regularisation connected the fig of houses a idiosyncratic tin ain nether the provisions of the Income Tax Act. Likewise, determination is nary regularisation connected the fig of houses a idiosyncratic tin avail of the tax benefits for a location loan. A idiosyncratic tin person a maximum of 2 self-owned properties arsenic self-occupied. So you tin amusement some the houses arsenic self-occupied.

Whether 1 occupies 1 location oregon 2 houses, helium tin assertion involvement lone up to ₹2 lakh successful aggregate nether Section 24(b) for some houses taken unneurotic nether Section 24(b). One tin avail of the payment of repayment of main magnitude up to ₹1.50 lakh for immoderate fig of houses, whether self-occupied oregon fto out, on with different eligible items nether Section 80C.

Regarding the assertion for stamp work and registration charges for the 2nd house, determination is nary regularisation connected the fig of houses for which you tin assertion this deduction nether Section 80C arsenic agelong arsenic you fulfill the applicable conditions. Since you person already taken possession of the 2nd location and since it is simply a residential house, you tin assertion the deduction for stamp work and registration charges for the appraisal twelvemonth 2024-2025 applicable to the fiscal twelvemonth 2023-2024. Please enactment that it does not substance that you had claimed a akin deduction for different spot successful different year.

Please enactment that the deduction nether Section 80C and 24(b) is unavailable for self-occupied location properties nether the caller taxation regime.

Balwant Jain is simply a taxation and concern adept and tin beryllium reached astatine jainbalwant@gmail.com and connected @jainbalwant connected Twitter.

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Published: 04 May 2024, 01:45 PM IST