Income/Loss from House Property

683 views 2 replies

Hi All,

How do I calculate Income/Loss from house property when I have stayed in the house for 8 months and stayed on rent for 4 months (in a different city)? The house is on loan and I claim deduction for principal as well as interest on the home loan.  My understanding is that while it was in self-possession it came under the limit of INR 150000 for interest and became actuals when I moved on rent (to another city) and rented it out.

Kindly help me understand with example so that I can calculate exemption correctly.

Regards
Amit

Replies (2)

There is a view that you can claim both HRA and section 24 towards interest on loan as well as principal repayment under section 80C in your assessment.

Do you mean I can claim all of below?
1> Complete Interest for the year under Section 24 (minus Net Annual Value & 30% for repairs)
2> Complete Principal under Section 80C
3> HRA for the period I stayed on rent

Amit


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