Hi,
I have a house in Kolkata & Gurgaon each. The Kokata house has no loan and my parents stay in Kolkata House.
I recently purchased house in gurgaon with heavy laon and I have moved in to the house. As per IT rules, I cannot have more than 1 property as self occupied. To claim maximum Tax benefits, can I declare my gurgaon house where I am staying as Deemed to be Letout ? I willing to show Notional Rent and claim 100% of interest rabate.
Regards, Saurav, Gurgaon
Yes, u can declare that as deemed to be let out. but only deduction available is 30% of Gross value and max interest of Rs 1.5 lac on borrowed capital. i think kolkata property will fetch less deemed rent hence lower tax will be payable.
Amitesh ... my understanding was that for deemed letout ... there is no maximum limit for interest claim.
Can someone else also comment whether I can declare my gurgaon house as deemed letout ?
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