Second home

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Gaurang (Querist)
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02 September 2012 Hi,

I have one home in Bangalore and is let out.

I am planning to buy second home in Pune. Currently I am staying on Rent.

1. How do I calculate the difference between HRA benefits and income tax savings because of interest paid. [as HRA will not be considered if I buy second house and stay in it (as I understand)]

If it can be explained with example. It would be great.

Thanks,

CA Suresh Jain

CA Suresh Jain (Expert)
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03 September 2012 To answer your question correctly Please furnish following info :-

1. YOur present place of stay
2. HRA amount
3. rent paid by you
4. rent received from 1st house
5. are you going to staay in Pune house
7. your gross salary without HRA and non taxable allowances
8 interest and repayment of both houses

Gaurang

Gaurang (Querist)
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17 March 2014 1. I am in Pune
2. HRA 15k
3. above 1.5 L
4. 15k
5. No
7. 30% slab
8. above 1.5 L

Will it benefit if I let out 2nd flat and stay on rent.