House interest tax
This query is : Resolved
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 ?
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 ?
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.
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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