Hi!
if a person is staying in a self occupied property ( loan has been taken from a Bank) and another property let out ( financed by BANK). Now due to educational need of the children shifts to a Rented Property and lets out the currently self occupied property ( shifitng from ANDHERI to Bandra).
1.How it will be treated in I-TAX?
2,. Can the person claim HRA? and show the RENT received from both the Properties in Income/Interest paid how it can be claimed
Please guide..
Regards,
The house property must not be occupied by the assessee for the purpose of any business or profession carried on by him the profits of which are chargeable to income-tax.- Section 22 does not apply to case where:
a) The owner occupies the house property for the purpose of any business or profession carried on by him,and
b) The profits of such business or profession are chargable to income-tax.
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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