2nd home loan - tax benefit

If the flat is self-occupied, then interest available for deduction is Rs. 150,000/-

If the flat is on rent, then interest available for deduction is interest actually paid.

If we are paying EMI of 2nd Home Rs.35000/- & we rented out our flat on Rent @ Rs. 11000 P. M.

In this situation, Which amount will be taxable for IT?

Regards,

BHAGYESH JAIN

If we are paying EMI of 2nd Home Rs.35000/- & we rented out our flat on Rent @ Rs. 11000 P. M.

In this situation, Which amount will be taxable for IT?

Regards,

BHAGYESH JAIN

Total Rental income for the year will be taxable from which you can claim deduction of the interest component of the EMI.

If my owned house in Navi Mumbai & I am staying in Mumbai (around 30 Km away), then I claimed HRA & with Interest also or not???

U can claim interest as rightly said by MIhir. Based on interest amount u can decide whether to show rental income or income.

HRA exemption cannot be claimed when u own a house in same city.