The rules on the number of houses are the same as applicable to cash and gold.
You can build, buy as many houses as you want, but the source of income should be right.
The Income Tax Department considers only 2 self-occupied households for tax benefit.
New Delhi. You must have seen that advertisement, in which Shahrukh Khan says, “Big or small, your home is yours after all.” This is also true. Everyone in India dreams of building their own house. Some people build a house during their career, while some buy a house after retirement with lump sum money.
But, you should also know how many houses you can buy or keep according to Indian law. Some people think that like the money and gold kept in the house, there is no limit even at home? So today we will tell about it in detail.
What do experts say
Experts related to the world of investment have discussed this issue Income Tax informed in accordance with the law. He told that the Income Tax Department does not care about how many houses you have or how many houses you want to take advantage of home loan. But not only this, there are some other rules along with it.
Here also the matter of cash and gold applies. Suppose if someone has 5 or 10 houses registered in his name then he can come under legal scrutiny. Here also he has to give details of his sources of income or prove that these houses are actually inherited by him. But if that person’s sources of income are right and the money has been paid by him properly, then he does not need to worry.
How many houses will get tax exemption
A person can buy and keep any number of houses, but he will get tax exemption only on 2 self-occupied houses. If you have given a house to your parents then that house is also considered as self-occupied. Thus, the tax law states that you can avail tax exemption for home loan repayment for any number of houses.
It is important to understand here that under 80C for a person, tax is exempted only on a maximum of Rs 1.50 lakh. If you also make an annual repayment of Rs 10 lakh for your homes, then you will get the exemption only on Rs 1.50 lakh. In addition to repayment, interest paid is also taxable on an amount up to Rs 2 lakh. You can save tax on Rs 2 lakh for both your houses.
FIRST PUBLISHED : August 04, 2022, 12:14 IST