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Need some advice

Tax queries 654 views 2 replies

Dear group,

I need some suggestion/advice on home loan income tax.

I stay in my "self occupied home", which has no loan pending.

Also, I have booked a flat in an apartment for which I intent to take loan only if it gives me income tax advantage. I understand that I will not be able to take income tax advantage of "self occupied property" for this flat as I don't plan to stay here. However, I might give this flat for rent and hence I wanted to check if I can avaial tax benefit under "let out property".

In other words, can I avail income tax benefit under "let out property" without availing anything under "self occupied property" 

Pleases give me any other advice you think that makes sense in my case.

Thanks, Pradeep

Replies (2)
Yes you can take advantage on flat which you intended to take loan in the form of deduction u/s 24 a flat deduction of 30% of rent and u/s 24b for whatever you paid interest on loan on your let out property

You may avail deduction u/s 24 (actual interest paid) for home loan for let out property.


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