Hi , have query on HRA and home loan benifit and wanted advice on the same ...have 2 home loans out of which first is for city other than city I work in (A)while other is for city I work in (B) ..for taxation purpose , showing A as occupied ( by parents ) and B as deemed letout ...due to space constraints , we will be shifting to rented accommodation in same appartment complex ( C) and will be giving out flat for rent ...rental income from our flat ( B) and rent to be paid for rented accommodation ( C) is same ...
1) any specific rule which does not allow filling ITR with availing home loan benifit + showing income from it ..and showing rent to be paid as part of HRA? ( Consolidated gain or lose is zero possibly as rent to be received and paid is same )
2) our flat ( B) is jointly owned between myself and wife ...while wife is not working , I claim tax benifit in my annual return ...any possibility of giving flat rent on wife's name ( wife as owner ) and taking accommodation on rent on her name ( as tenant ) and not claiming HRA benifit but continue to take tax benifit against home loan on my name (to avoid claiming HRA ) ...with this still flat needs to be shown as deemed let out to self ?
Thanks in advance
CAclubindia
