This is the last month of this financial year. All taxpayers are required to pay their taxes by March 31. In such a situation, everyone is trying to save tax by investing before March 31. If you have taken out two home loans, the question arises as to whether you can ask for an exemption for both.
If you are going to buy jewelry, understand the cost of jewelry making fees
Talking with Mint, tax and investment expert Balwant Jain explains, ‘If you look at common law, you are free to buy more than one home in India. Similarly, according to banking rules, a person can take out a home loan in many ways. He said, ‘In terms of income tax rules, a person can exempt more than one home loan. Even if a person can only show two homes as self-employed, he will have to give more details of his income than to show more.
Dispose of all your work quickly and the banks will be closed from March 27 to 29
Balwant explains, ‘You can buy multiple homes based on your income and take out more than one home loan. But we have to keep in mind that interest on this will only be reduced by Rs 2 lakh. Home loans are exempt from paying exempt tax under Rule 80C of the Income Tax. There is no change in the tax slab in this budget. If the income of people over the age of 75 is just a pension, they do not have to file income tax returns.
