Income from house property.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2012 I have purchased Flat in Pune. I am living in Pune as well.

I have given Flat on rent.

Rent/month : 10000
Interest component in EMI : 35000(per month)

Can you pls let me know how much "Income from House property" can I declare ?

Can I use "House rent" for tax exemption if i m living in rented flat.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 October 2012 Income from house property is Rs.28000 loss per month[7000(10000-30% of 10000)-35000(Interest on HL)].

Yes, You can claim house rent for tax exemption i.e You can claim HRA exemption.

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2012 Thanks a lot !!
But can you pls let me know if there are any conditions for availing tax exemption for House rent in above case ?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 October 2012 There is only one condition you have to stay at another place where is not situated your own house. And even though you staying at same town i.e where is your own house but for the purpose of your employment you must and should be stay at another house other than area of your house situated and in such case you have to offer rent on your own house.
In your case you staying and your own house places is same due to some other reason may be rent or any other reason you are staying at rented house and your own house given for rent and you offering such rent for tax purpose then no problem will arises.
There is no condition one should who have own house should live in such own house.

OM SAI SRI SAI JAI JAI SAI

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