Hi,
I have taken a home loan to buy a flat in Bangalore where I work & live. Currently I have occupied the said property, hence as per self-occupancy I'm eligible for upto Rs.1,50,000 deduction on my income towards the interest charges.
However, If I rent out that property, I can avail tax dedcution for full amount on the interest part.
My query is,
1. Can I let out the property to my mother? and there by claim tax deduction for full interest?
2. Can I stay along with my mother on the same property, but don't claim HRA benefits?
Thanks in advance for your valuable help!
Regards,
Rajesh