Commercial loan against property. is this eligible for deduction ?

Where the funds were utilized?

Sir funds were used to purchase property in this year 2015. Now i am paying emi.

You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same..

Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate... 

Note: my rental income is rs 366000

Originally posted by : Dhirajlal Rambhia
	You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same..

Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate... 

Note: my rental income is rs 366000
 

Originally posted by : Kapadia Pravin
	Your income from house property will be loss.Rental income 366000 will be reduced by property taxes and 30% repairs. This reduced amount will be further reduced by 225800 interest ...

How it will be loss ?

Rental income 366000 and 30% repairs is 109800  and taxes is 5500 so total is 366000-109800+5500= Rs 250700

So total is 250700 if i take rebate of max 2 lakh then still I need to pay tax on 50700. I am right ?

anyone ?

hello ?