Query on income tax rebate on paying loan for flat
This query is : Resolved
21 September 2021
Hi. I have a flat in Mumbai for which i have taken a loan and have been availing income tax rebate of rs 2 lakhs against the amount i pay as an interest for the loan. Now that i am transferred to different city, i am planning to put me flat on rent. Will i still be eligible for the interest part rebate in case the total interest paid is more than the rent i am getting in a f.y.?
21 September 2021
Yes, you can still avail the home loan rebate u/s. 24(b) of IT act.
For rented property, the entire interest on the home loan is deductible.
For rented property, the entire interest on the home loan is deductible.
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