I possess a residence in Rajasthan, for which I took a finance. The financing has actually been compensated significantly. I have actually been staying in Haryana for the last 4 years. I wish to acquire another home below. Can I get mortgage tax obligation advantages on the acquisition of a 2nd mortgage? Is it feasible to pass up the benefit of tax obligation advantages on the initial financing because it is currently lowered to a small quantity?
As much as asserting the mortgage tax obligation advantages for greater than one home is worried, the earnings tax obligation legislations do not limit the variety of residential properties for which you can assert the advantages. You can assert a reduction under Section 80C for settlement of a mortgage considered several domestic home residential properties, an optimum ofRs 1.50 lakh, and various other qualified things.
Understanding mortgage tax obligation advantages for 2nd home acquisitions in India
As per the earnings tax obligation legislations, an assesses can have an optimum of 2 residences as self-occupied. If the residential properties have actually been blurted, you do not have the option to treat them as self-occupied home and need to provide the leasings got for tax obligation. You can assert 30% of the lease got as a common reduction from lease and can assert complete passion paid versus the lease got. If any person or both your houses are self-occupied, you can assert an optimum of 2 lakh as passion for all the self-occupied residences.
However, an optimum of 2 lakh loss under your house home head calculated for all your residential properties can be triggered versus various other earnings for the very same year. In 8 succeeding years, the equilibrium unabsorbed loss, if any kind of, can be triggered versus the favorable earnings under your house home head.
Please note that if you select a brand-new tax obligation regimen, you are not qualified to assert any kind of reduction under Section 80C for settlement of the mortgage and passion paid under Section 24b for passion paid in regard of self-occupied home residential properties. Regarding let-out residential properties, you can assert passion just for taxed lease, as no loss under your house home head is enabled to trigger or continue.
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Balwant Jain is a tax obligation and financial investment specialist and can be gotten to at jainbalwant@gmail.com and @jainbalwant on his X deal with.
Disclaimer: The sights and referrals made above are those of specific experts, and not ofMint We suggest financiers to talk to licensed specialists prior to making any kind of financial investment choices.
