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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gratuity Amount not mentioned/shown in Form 16
- Wrong data in AIS leading to increased compliance
- LTCG and Speculative gain treatment
- Ladki bahin yojna
- Part time Job with full time CoP
- ITR Type to be used for the FY 2024-25
- Query regarding FMV of redeemed units of equity oriented mutual fund appearing in AIS
- Depreciation Co Act
- REGARDING AVAILABILITY OF ITC UNDER SECTION 17(5) FOR TRANSPORTATION OF PASSENGER SERVICES
- GST-Marketing Research Organization
- Rent income_26AS
- TDS Rate on Annual Membership Fees paid to Times India
- MCA filings and Compliance Practice
- Tax Audit applicable for fy 24-25
- Advance paid and received against Property plant and Equipment
- How to present in balance sheet as per scheduled III of company Act
- Amendmend in B2CS to B2B
- NEW LATEST AUDIT REPORT MEMO FORM -1 AND FORM -7 FOR AUDIT OF CO-OPERARIVE HOUSING SOCIETIES IN MA
- Ladki Bahin Yojana
- Msme disclosure
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
