Hi Friends,
I want to know income tax benefits on second home loan.
I am living in Mumbai, presently on rent. I have a property in Delhi which is lying vacant. Presently I am availing HRA exemption + income TAX rebate on the property as 150000/- (Interest) and 100000/- (principal) amount.
I want to purchase ready to move property in Mumbai. But I would still be staying in rented house and will put the new property on rent.
In that case, Kindly confirm :
1. Whether I would be getting HRA exemption as earlier
2. Whether my property at Delhi would be treated as earlier {150000/- (Interest) and 100000/- (principal) amount}
3. Whether my rented-out property at Mumbai would be giving income tax rebate on interest (No limits) as "Annual Value (Rental Income) – 30% as the standard deduction – Interest Payable on home loan = Income from house property"
Thanks in advance.
CAclubindia
