Dear All,
I've the following Income Tax query on Income from let out property. Below are the facts of the case.
I'm a salaried person, I own a property in Navi Mumbai (self occupied) and have a loan on the same and take deduction of Rs. 2 lakhs on interest paid on such home loan.
Now in this FY 2017 - 18 I have taken another property in Pune and have let it out.
My queries are:
1. If I show the rental income in my return (apart from salary), can I take the Loss on House Property on new let our property (one at Pune)? I understand from AY 2017-18 the loss on house property is allowed upto a max of Rs. 2 lakhs only. Please clarify/confirm.
2. Can I continue to avail the tax benefit of Rs. 2 lakhs from my self occupied property
3. Can I get tax benefit from both the above points (aggregating Rs. 400000).
Thanks in advance for the reply.
Regards,
Mayank Kumar
CAclubindia
