I along with others own a Residential house(1/3rd share for me)and residing in this house.I acquired a flat at another place in my own name after availing loan and rented out either for residential purpose or for commerical purpose.Can i consider the interest to the tune of Rs:1,50,000/- and the repayment of principal amount u/s 80C as deduction from my total income?
Kindly please reply..
Yes u can take the benifit of 24B of Rs.1,50,000 ( w.e.f.previous year 2014-15 Rs.2,00,000) and 80C ( Repayment of principal amount.
If it is rented than interest deduction is available upto the actual amount of interest paid.
Yes yes abhishek Goyal is right
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