Dear Sir,
Here is my query.
My wife and me both are working currently in IT field and we jointly own an apartment in Bangalore. We have recently taken a possesion of our apartment and given the same on rent. However, we are also living in the rented place as my wife office is closer from the rented place. All the EMI for the housing loan goes from my account an dusually the rent is paid by my wife. I would like to know the tax liability for both of us.
1) Are we eligible to claim the HRA benefit? if yes, than who should claim the HRA.
2) Can we also claim Rs.150,000 interest amount. If yes, than who should claim it
3) What is the tax liabilty for the rented income. We have also paid an annual maintenace to the builder. Can we deduct that amount from the rental income.
Thanks for the help. I would appreciate if you can help me in this regard.
Regards,
Deepak
CAclubindia
