Rebatr on 2nh house in income tax towards acrurred interest
This query is : Resolved
14 February 2014
I have a flat A in Navimumbai worth 35 lacs (with loan of 10 lacs ) and have purchased another flat B in Thane (with loan of 75 lacs ). Both properties are in ready possession. Since i have my office in mumbai. Can i claim HRA, show the 1st and 2nd property let out ?
Also since i would be eligible for incometax rebate of 1 lacs towards principal and 1.5 lacs towards interest towards Flat A . Would like to know if i can claim the additional interest born on Flat B which would comparatively be high approx (5-7 lacs per annum). Is there any limit on the interest to be claimed on FLat B
Also since i would be eligible for incometax rebate of 1 lacs towards principal and 1.5 lacs towards interest towards Flat A . Would like to know if i can claim the additional interest born on Flat B which would comparatively be high approx (5-7 lacs per annum). Is there any limit on the interest to be claimed on FLat B
14 February 2014
1. you can claim HRA only if you are actually living in a house not owned by you and you are actually paying rent. otherwise no deduction is allowed
2. even assuming that you continue to remain in the Flat A, Flat B shall be considered deemed let out and you can claim any interest expense against it without any limit.
2. even assuming that you continue to remain in the Flat A, Flat B shall be considered deemed let out and you can claim any interest expense against it without any limit.
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14 February 2014
Many thanks for your response. But kindly update if Flat A is in Navi mumbai and Flat B is in Thane while i stay at mumbai. still i'll not be able to claim HRA ?
I am ok with Flat A also being letout ?
I am ok with Flat A also being letout ?
14 February 2014
you can claim HRA only if you are actually paying rent. location comes into picture at a later stage..
15 February 2014
Thanks.
Since currently i stay with my parents in their flat, so i can create an agreement with them and show that i pay rent towards the same. On the Flat A i can show this as let out and show the rent on the same as well.
Technically do u foresee any issue ?
Since currently i stay with my parents in their flat, so i can create an agreement with them and show that i pay rent towards the same. On the Flat A i can show this as let out and show the rent on the same as well.
Technically do u foresee any issue ?
15 February 2014
Thanks. Since currently i stay with my parents in their flat, so i can create an agreement with them and show that i pay rent towards the same. On the Flat A i can show this as let out and show the rent on the same as well. Technically do u foresee any issue ?
15 February 2014
Thanks. Since currently i stay with my parents in their flat, so i can create an agreement with them and show that i pay rent towards the same. On the Flat A i can show this as let out and show the rent on the same as well. Technically do u foresee any issue ?:
15 February 2014
you pay the rent or they pay rent to you?
22 March 2014
Parental Flat is in my dad's name and i am paying rent to them. will i be able to claim HRA ?
Will show Flat A and Flat B as let out and since the the interest is more than the rent recd, will be showing loss from both properties in my tax returns
Will show Flat A and Flat B as let out and since the the interest is more than the rent recd, will be showing loss from both properties in my tax returns
22 March 2014
if you are paying the rent, then you may claim HRA. there should not be any issue.
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