Loss on house property query

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nba (Querist)

28 December 2012 Hi,

Please help me with following query:
I am living in city X in rented house. I have purchased house in city Y on home loan. House in city Y is vacant and I am not fetching any income from it. I claim HRA on rent I pay in the city X.

I want to claim Loss on House Property (i.e. home loan interest loss) on house in the city Y. Can I declare it as Self Occupied? or Do I need to declare it as let out and show notional rental income? Interest loss is around 1.4L p.a.

Thanks,
nba

@VaibhavJ

@VaibhavJ (Expert)

28 December 2012 Hi

Yes you can declare it as a Self Occupied subject to are not owning more than one house.

Thanks!!

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CA Ayush Agarwal

CA Ayush Agarwal (Expert)

28 December 2012 Since Your Question is Related to Claiming Interest Paid on Housing Loan, You Can Claim Interest Paid on Housing Loan as Many as Houses.
There is No Such Bar Placed for Claiming Interest.

Only You Can Claim 1.5 Lacs Interest for Self Occupied, and No Limit for Let Out.
So in Your Case, You Can Claim Whatever Amount is Paid by You (Not to Exceed 1.5 Lacs) as This Will Going to be Self occupied Property as Said by Vaibhav.

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