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Expert: Kartik Jhaveri, Founder & Director, Transcend Consulting India Pvt Ltd

Question: I bought a 1 BHK in Chennai for `29 lakh. I have paid only 15%, the rest will be paid after possession in Aug 16. I'm planning to buy another house in Mumbai for `50 lakh. I plan to take a loan for both homes of `24 lakh and `45 lakh respectively. Will I get tax benefit on both loans? What is the maximum benefit I can avail?

 

Answer: You’ll be getting benefits on both but they will defer as per what treatment you give to your property. The IT department only considers one property as a self-occupied house. It treats all other houses as rented properties even if they are not rented at all. Rental income calculation is based on what rent a similar property in the area would earn.

SOHP - Currently, the tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs 2 Lakhs. LOHP - In case of let out house property there is no maximum limit prescribed hence the taxpayer can take tax deduction of the whole interest amount under Section 24. Hence you can choose one as SOHP and other LOHP according to which will benefit. Make the taxation; you’ll get benefit on both.