Financial Daily from THE HINDU group of publications
Sunday, Apr 03, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 03, 2005 |
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Investment World
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Income Tax Columns - Tax Talk Second loan in second metro T. Banusekar
Can I claim the tax benefits in respect of the loan taken to acquire this second property? In case the house is let out how should the income be offered to tax? Abraham Reply The interest on the loan taken for purchase of the house in Chennai can be claimed as a deduction under Section 24 in computing the income under the head `income from house property'. You can also claim rebate under Section 88 in respect of the principal repayment of the loan. The maximum amount that would qualify for the rebate cannot exceed Rs 20,000. The income from letting the property will be assessable to tax under the head `income from house property'. Even if the property is not let, the sum that can be derived if the property had been let will be chargeable to tax under this head.
Mail your queries to taxtalk@thehindu.co.in or by post to Tax Talk', Business Line, Kasturi Buildings, 859, Anna Salai, Chennai-600002.
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