Home loan interest - claiming deduction u/s 24b

As this is your let-out property and there being no limit for claiming interest deduction on home loan, you can claim the entire interest as stated by you.

for calculating notional rent you need to know the market rate that is going in the locality where your house is situated. You need to calculate your notional rent for Dec15-Mar16 period and claim minicipal taxes.  From the balance you can claim 30% standard decuction and the interest amount.  I think that you will end up in a loss from your property so you can claim this loss in your taxable income by which your tax liability would get reduced

Originally posted by : Giridhar S Karandikar
	As this is your let-out property and there being no limit for claiming interest deduction on home loan, you can claim the entire interest as stated by you. for calculating notional rent you need to know the market rate that is going in the locality where your house is situated. You need to calculate your notional rent for Dec15-Mar16 period and claim minicipal taxes.  From the balance you can claim 30% standard decuction and the interest amount.  I think that you will end up in a loss from your property so you can claim this loss in your taxable income by which your tax liability would get reduced

Thanks Giridhar for quick reply.   I have to declare my investment to my employer.  How to tell my employer about my "loss in income from property"   we have section to declare our home loan principal and interest amount but how to declare loss in income from property

There must be a column "Income from source other than salary".  You need to disclose it there.

else please check with your HR personnel how shall this loss be decelared.  If they say that you can't disclose it then you are left with the only option of claiming the refund in your return of income.