Q: I am working in a nationalised bank. I had taken a housing loan of Rs 450,000 to buy a flat (which is under construction) in Mumbai from my employer in June 1998. Thereafter, I took an additional housing loan of Rs 150,000 from my employer in January 2000. During the assessment year, 2001-2002, I claimed a rebate of Rs 20,000 under Section 88 towards the repayment of the housing loan and interest under Section 24 (I)(vi) amounting to Rs 30,000 for the loan of 1998 and Rs 15,500 for the loan taken in January 2000. Now I intend to purchase one more flat by availing loan. Please advise if I can claim rebate in respect of the interest amount on such loan taken for the purchase of the second flat.
A: Sub-section (2) of Section 24 of the I-T Act reads as follows:
