Hi , Plz clarify below cases.
Case-1 :- Person X is a salaried employee , Taken a Home loan & paying EMI & Interest in same city having job. He claims Both HRA & House loan benefit . 1st House is let out with Nominal amount. Now Person X Buy another house loan in the same city , & Pays Interest for the 2nd house & property is under construction . Now can he claim Both HRA & House loan benefit for 1st & 2nd House ? If yes then up to what maximum limit ?
Case-2 :- Person X still continues to claim HRA , Clubs the rental Income from the 1st House & claim actual interest paid ( 2lakh per year ) . and also wants to take tax benefit from the Interest paid on 2nd house ( 1.5lah per annum ) . Then is it possible ? If yes then Limit to which extent ?
Plz guide
Br/rashmi
CAclubindia
