Home Loan Interest + Rental Income Treatment

HELLO

IF SELF OCCUPIED THE ITS 1.5LAK, IF ITS LETOUT THEN FULL EXEMPT MEANTS WHAT U PAID IT WILL BE TAKEN FULL AMOUNT FOR EXEMPT..YOU PAID 1.75 LAK THEN ITS FULL EXEMPT..BUT YOU HAVE TO SHOW RENTAL INCOME UNDER INCOME FROM HOUSE PROPERTY....

SHOW 1LAK IN THAT

REDUCE 30% OF REPAIRS

BALANCE IS RENTAL INCOME

ANYTHING MORE ASK ME

REGARDS

BALU

ONLY THAT MUCH YOUR INCOME, OR ANY OTHER INCOME IS THERE

I am living on my mother house and another house which is on my name rented out for 1 lac per annum.

Giving 1.75 lac as interest for home loan.

So, according to you Balu I can deduct Rs 1.75 lakh from my total income i.e 9 lakh and add rental income approx 70,000 after deducting repairs?

THATS RT, AND YOUR PRINCIPLE AMOUNT IT CAN COME UPTO 1LAK...THAT U CAN CLAIM UNDER 80C.. SO 9.70LAK TOTAL INCOME...

OTHER INCOME   9LAK

RENTAL INCOME 70

SO TOTAL 9.70LAK

DEDUCT    1.75LAK

BALANCE 7.95

DEDUCT

US 80C   1LAK

TAXABLE INCOME  6.95

HAVE TO CALCULATE TAX ON THAT..YOU DONT HAVE TDS

LET ME KNOW HOW MUCH U PAID PRINCPLE IF 1LAK K, OTHER WISE IF U DONE ANY INVESTMENT  HOW MUCH IT IS....THEN IF YOU HAVE MEDICAL INSURANCE THEN THAT YOU CLAIM UNDER 80D....

That means giving house for rental income is not a good idea because my interest amount is not so high which gives any benefit in tax calculation.

Mr. Hemant

Mr. Manmeet is right. Interest payment U can claim u/s 24(b) fro HP Income and for self occupied repayment of loan , U can cliam u/s 80C as per limit prexcribed.

surana Chennai

9952967237

I have taken a home loan and paying close to 3L as interest. There are two portions in the house and I am staying in one portion and I have let out another portion. Now, should I claim this as rental property or self occupied property? Will I get 3L exemption or will I get 1.5L exemption?

I am staying in a rented house in Delhi west, and I have purchased a new flat in Delhi east on Home loan. Can we claim both HRA and Interest on home loan as deduction from salary income?

Yes, Mr. Amit Jain u will get benefit of both i.e HRA and Int. on Loan.

Mr. Sridhar treat your two portion as two seprate building and claim interest dedution.

Thanks Saurabh. Would appreciate if you could explain futrher with relevant details on both HRA and Home loan - per my understanding if you are staying in a rented accomodationa and  owning a house in the same city, you cannot claim both - please elaborate.