We have recently shifted to Bangalore from Delhi. We have our own house in Ghaziabad which we rented out to some one. Here in Bangalore we are staying in a rented accomodation.
As per IT Rules, we can claim both HRA and Home Loan Interest as part of Savings.
But, I got to know if one have a house on Loan in another State/City and rented out as well, then the limit of interest that I can claim is not specified (i.e. any x amount can be claimed).
Currently there is a Cap of Rs. 1.5 Lakhs as the interest income, but with the above scenario if the house is rented out and I am showing Rental Income, then this interest component can be upto any N amount?
If this is true can some one guide where is this written in Income-Tax Act. I need to show this to my company to get additional benefit/claim.
Thanks for your help.
Shivani.
CAclubindia
