I have a second house loan; may I claim income tax benefits?

 I have a second house loan; may I claim income tax benefits?

 I have a second house loan; may I claim income tax benefits?

You may only deduct home loan interest and repayments if you choose to use the previous tax system.

The availability of the Section 80C deduction for principal repayment of a home loan is contingent upon the loan being obtained from one of the designated institutions.

Our Employees Co-operative Credit Society has granted me a ₹5 lakh house loan. For the same house, I have obtained an extra home loan of Rs 15 lakh from a bank. Can I get tax advantages for both of my mortgages?

Only house loans from certain organizations, such as the federal or state governments, cooperative banks, LIC, National Housing Bank, housing finance companies, or co-ops, are eligible for deductions under Section 80C for principal payments. has been seized. offering loans to finance the building of a home, a university, a public firm, or your workplace, among other organisations.

In your scenario, you will be allowed to deduct under Section 80C for the bank repayments; but, you will not be able to claim this deduction for the repayments paid to your Employees Credit Cooperative Society.

Regarding interest payments, you may deduct interest paid to friends and family for money borrowed for this reason, and there are no restrictions on the entity from whom the money should be borrowed. Can't. You may claim a deduction on interest payments under section 24(B) for both loans up to ₹2 lakh if the property is self-occupied. If the home property is rented out, you may deduct the whole loss under the house property head from your other income up to ₹2 lakh in the same year, but you can still claim the full interest against the rental income. and it will be necessary to bear the remaining loss. Over the next eight years, carry forward for adjustment against income from residential property.

You can only take advantage of the interest and repayment deduction on your home loan if you choose to use the previous tax system. There is no deduction available under Section 80C if you choose to use the new tax structure. Additionally, under the new tax system, interest deductions are not allowed for self-occupied residential property, and losses under the income from residential property cannot be offset by other income earned in the same year for rental property. Nothing bad can happen or be permitted. To be pursued.