I have two home loans. Can i claim income tax benefit on both?

I’VE TAKEN HOME LOAN TWO TIMES. WHETHER I AM ELIGIBLE FOR REBATE ON BOTH LOANS OR NOT? _Sanchita_ Answer: As per general law, there is no restrictions on the number of houses one can own in

India. Likewise, there is no restriction under banking laws as to the number of houses for which a person can take a home loan. Even under the income tax laws there are no restrictions on

the number of houses for which you can claim the tax benefits for home loan. One can treat only two houses as self-occupied and have to offer notional income in case more than two houses are

self-occupied for such extra self-occupied houses. Likewise, there is restriction of Rs. 2 lakh up to of loss under the head house property, which a tax payer can set off against other

income during the same year. So you can buy as many houses as you want and take as home loans as many times as you can service based on your income. However, the interest deduction for all

the self-houses taken together is restricted to ₹2 lakh every year. For the properties which are let our or deemed to have been let out, in case more than two are treated as self-occupied,

you can claim the full interest paid as deduction but the loss under the house property income shall only be allowed to be set off against other income up to ₹2 lakh every year and the

excess loss shall be carried forward for set off against house property income in next eight years. Whether you have one home loan or more, the deduction allowable under Section 80 C for

repayment of home loan is restricted to Rs. 1.50 lakh together with various other eligible items. _Balwant Jain is a tax and investment expert_