I am currently staying in a rented apartment. However I have recently purchased an apartment in the same building where i am staying. Wanted clarity on whether (a) if i rent out the purchased property and continue staying in the rented apt. , will this be permissible under IT rules (b) Can I claim full interest benefit (i.e. beyond 1.5 L prescribed limit) on the home loan for purchased property and also claim HRA exemption for my rented acco. - it is understood that I will have to show rent received as other income
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Home loan benefits
Replies (1)
You can claim the full interest under section 24 and pricipal subject to limitation under section 80c.
But you can not claim HRA under section 10.
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