Housing

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My family members are planning to construct a house in our native village (remote village) as it is a prestige for them, agreed to contribute 5 lakhs each by 6 members and they have agreed to have the house in my name and in my wife's name.  The house will be used by all of them as rest house.  My Question is

1. If I take a housing loan with the nearest bank(They have agreed to loan the amount based on our strength), can i claim loss on housing property ?

2.  The house will be used only for about a month or 40 days in a year  otherwise it will be locked with a security.  Whether the house can be shown as self-occupied property .  If i show this as self occupied property,  how can i show the rent i am paying at Madras or can it be shown as Rented property? for the purpose of claiming the loss on housing property.  But the rent in villages can never be  morethan Rs.100/-.   Just  advice me on t

Replies (1)

For Your Question No.1

You can claim the Housing Interest based on your propotionate owner ship on your House

For Your Question No.2

You cannot claim both HRA exemption & Housing Loan as self occupied instead of that you can claim HRA exemption for your Chennai House and You can claim native villege house as Letout Property and showing rental income for claiming Housing Interest U/s.24

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