I along with others own a Residential house(1/3rd share for me)and residing in this house.I acquired a flat at another place in my own name after availing loan and rented out either for residential purpose or for commerical purpose.Can i consider the interest to the tune of Rs:1,50,000/- and the repayment of principal amount u/s 80C as deduction from my total income? Kindly please reply..
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Income tax query 1
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If you have acquired a house on loan which is rented out, you may claim deduction of actual interest paid and the principal of upto Rs. 100,000/-
Rs 150000 (Now increased to 200000 as per budget 2014), will be maximum interest that can be availed on self occupied property. However for other property which is not self occupied (Or let out), there is no bar on interest limits as it can be claimed on whatever interest being paid to bank.
As regards 80C maximum benefit that can be claimed is Rs 100000 (now Rs 150000 as per budget 2014), however 80C benefit is available on repayment of principal loan on residential properties and not on commercial properties.
agree with above
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