Whether deduction in respect of rent paid for house taken on rent and interest paid on house property acquired by loan be taken by assessee who is salaried and working in pune?
A salaried assessee working in Pune lives in locality where his office is situated in a rent house and he also has acquired a property in another locality in Pune on loan. My question is whether he is eligible for both deductions 1) Rent paid in case of rented property.
2) Interest on loan paid in case of property acquired on loan in another locality.
Please suggest.
Replies (2)
If exemption of HRA u/s 10(13A) is claimed, then interest on another property can be claimed provided such other property is let out. If self occupied, then both exemption u/s 10(13A) and deduction for interest u/s 24 cannot be claimed but one of them, whichever beneficial can be claimed.
If there is any other alternative or option to save tax please suggest. Others please reply.
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