Income tax on house property

Yes you can show one property as Self Occupied Property and get maximum deduction Us 24 b for Interest on Housing Loan of rs 1,50,000/- and also you can claim deduction for principal amount repaid u/s 80C.

Thank you so much.

Can i claim both 1.50 lacs as interst exemption u/s 24b  and HRA ( 7k per month ) from my salary

I hope i cant may be...can you suggest should i show as my residence and should avoid taking HRA exemtion ....what will be the beneficil for me.

* You have rented your own house and currently residing in a rented house You took a home loan and your house is now ready for occupation. You have rented the same out while you reside in a rented house.

The Income Tax Act allows you to claim both HRA and home loan benefits. However, in such a case, since you are the recipient of rent because you have let out your own house, that income is taxable at your hands. The Income Tax Act treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other. HRA is dealt with in section 10(13A) Rule 2A while home loans are entitled for tax benefits under section 80C (tax benefit on principal repayment) and Section 24 (tax benefit on interest payment) of the Income Tax Act.

Hence, feel free to avail both tax benefits accordingly. Now that we have dealt with all possible situations with regard to availing HRA and home loan tax benefits.

Totally Agree with Studentsca-

If you are paying rent for an accommodation, you can claim tax benefits on the HRA , while also availing tax benefits on a home loan i.e 80C and 24(b)