Dear All,
I have a query regarding Income tax on Housing Loan. I own a flat in Bangalore and I am currently staying in the same flat with my parents. I am paying around 3.5 lakhs towards Interest and 55k towards principle. I know that I am not eligible for HRA deduction but I am interested to know whether I can claim rent from my father If I receive rent from my father, say around 10k per month, and I can declare that as rental income. But I would be eligible for atleast 2.5 lakhs as interest exemption. Interest Paid + 30% rebate on maintenance - (Annual Rent Recieved - Annual Muncipal Tax paid) 350000+36600 - (130000 - 8000) = 264600/- I can give rent receipts to my father and can account that in his returns. He is a senior citizen. Is this possible to claim rent from my father?
CAclubindia
