House interest tax

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pankaj (Querist)
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26 May 2012 presently i am leaving with my parents, In the same city i have purchased a house. which iam palanning to give on rent .
1)is income tax rule says that the first purchase house should be shown as self occupied only .
2)Or i am thinking of giving thi house on rent, declare the income form this house . and claim tax benefit on all the interest paid in said financial year . is that ok ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 May 2012 There is no requirement to show this house as self occupied.

You can let it out, show rental income and claim deduction of interest paid. The deduction of interest will be allowed for the whole amount without any limit.

Also, repayment of principal amount will be eligible for deduction u/s 80C.

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