House Property Income

This query is : Resolved 

15 August 2007 Mr X has a own house at Tirunelveli.

The rent from that house is Rs.1,500 pm.

Mr X is working in a public sector bank at Chennai and residing in a rented house and the rent is Rs. 6,500 pm.

He borrowed loan from his Bank for builing the house.

The deduction is Rs. 10,000 pa.

The interest on the borrowed capital is Rs. 1,500 pa.

Is he eligible to deduct the principal sum of Rs. 10,000 and interest Rs. 1,500 from his income?

How can he treat his rent received at Tirunelveli and rent paid at Chennai?

pls explain the incidence with respect to AY 2008-2009.....

16 August 2007 Interest - Sec.24 Deduction

Principal - Sec.80C Deduction

Rent received - Taxable as Income from House Property

Rent paid in Chennai - HRA

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