deduction of home loan
alka bhardwaj
(Querist) 03 February 2011
This query is : Resolved
I HAVE BUY HOUSE PROPERTY BY TAKING LOAN AND PAYING INTREST ON IT. I HAVE GIVEN IT TO MY PERENTS AND DUE TO SOME REASON I RESIDES ON RENTED PROPERTY IN SAME CITY.MY OFFICE IS IN ANOTHER CITY AND I M CLAMIMNG HRA FOR THIS.
NOW MY QUESTION IS WHETHER CAN I HAVE DEDUCTION OF INTREST OF LOAN OF RS 150000 AS WELL AS HRA.
AND WHAT WILL BE CONSEQUENCES IF HOUSE PROPERTY VACATED.
malipeddi jaggarao
(Expert) 04 February 2011
You can claim the deduction of interest of housing loan. If you are not collecting any rent from your parents it is self-occupied property. Even otherwise, you have show the rentals as income from other sources and add the same to your salary income after deduction of taxes and maintenance as per IT provisions.
Rajesh Thakker
(Expert) 05 February 2011
I think there is no 2nd opinion is possible. You can claim of interest paid under the house property income as self occupied property.
alka bhardwaj
(Querist) 15 February 2011
Thank you sir for your valuable reply.
