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It exemption for 2nd home

Tax queries 542 views 3 replies

Dear Sir,

I have a query on tax benefits on 2nd loan:

I have a flat at Coimbatore which is on loan for 6 lakhs & I am not getting any rent from there as my parents are staying there.

I have purchased a flat in Chennai for 56 lakhs on loan which I have rented out for 20,000/- p.m.

I am staying on a rented apartment in Chennai for 15,000/- p.m.

 

  1. Can I claim HRA benefits?
  2. Can I claim IT benefits u/s 24 for unlimited interest payment for my let out property @ Chennai?
  3. Can I declare my Coimbatore flat as self-occupied property for IT purposes?
  4. Should I continue both the loans to avail income tax exemption (or) can I close this 6 lakhs loan as I am planning to close the same?

Looking forward for your reply ...

Replies (3)

Hi

 

Answer to all Question is big YES.

 

Its perfect tax planning in my view.

 

Pl refer link to get more clarity. 

/forum/hra-house-rrent-allowance-interest-on-housing-loan-faq-234214.asp

 

Thanks//VaibhavJ

Thanks Mr. Vaibhav. So I can close my loan for 6 lakhs & still avail unlimited interest exemption for my 2nd property that is let out now?

Yes,

 

Since you have rented out you can claim.

 

Thanks


CCI Pro

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