My client has recently purchased a house, no plans to shift or rent it out for some time.
Will he be allowed Rs. 1.5 lacs deduction on Interest on borrowed capital. (since it will not be treated as self-occupied).
He is currently staying with his parents (that house is in name of his father) and new house is only house in his name.
Also, He is currently showing that he is paying rent to his father to claim HRA Exemption. So if he shows that the new house is self-occupied and he claims Rs. 1.5 lacs deduction, then he will not be allowed HRA Exemptions).
How can i suggest him to save tax liability??
CAclubindia
