Treatment of interest & principal paid on 2 loans for 1 house property
(Querist) 07 November 2013
This query is : Resolved
If an Individual has two loans against one house property, what will be the treatment of such interest and principal repaid for income tax purposes?
Will deduction of interest and principal repaid be allowed for both the loans?
(Expert) 07 November 2013
For filing of Income Tax Return, your payments, what ever made towards principal and interest on any number of loans, can be taken for availing tax benefit. You can be exempted from the said payments, from tax payment.