Sure, another mortgage is eligible to own income tax different from inside the India

Through such measures vigilantly, you might effectively claim the brand new tax professionals on your second domestic mortgage, probably leading to reasonable offers on your taxation obligations. Think of, the primary is usually to be planned, well-informed, and you may hands-on into the handling your property loan and you will relevant income tax gurus.

You can allege income tax positives on both the dominant and you will interest payments. Around Part 80C, you can claim write-offs on the dominant installment around ?step one.5 lakh per year. On the notice component, Section 24(b) allows deductions to ?2 lakh, even when the 2nd house is thought notice-filled adopting the 2019 Funds amendments.

To own a home loan, this new annual tax exemptions you could potentially take advantage of are: Doing ?step one.5 lakh to have principal cost less than Section 80C or more to help you ?dos lakh for attention percentage not as much as Section 24(b). This is basically the combined restriction for everyone care about-filled features you possess.

To have a significantly less than-design next household, new tax work with towards attention paid back within the framework phase can be stated from inside the five equivalent payments starting from the entire year the development is accomplished. This might be plus the typical yearly focus deduction your is also allege around Area 24.