house property

Querist : Anonymous (Querist) 17 December 2010 This query is : Resolved
Dear Sir

I own a house in Bangalore and given it for rent. If i buy another flaT will i get tax concession for interest spent on housing loan. if i stay in one and rent another what would be the tax

If i rent out both what would be the tax implication
can i claim concession under sec 24 for both the houses

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R.Ramachandran (Expert) 17 December 2010
Dear Anonymous,
You can self-occupy one of the houses and rent out another.
In case of rented property, you have to show as income the rent received from the tenant as 'income from house property'. You will be able to deduct 30% of the rent towards maintenance and the total interest paid on the housing loan.
However, in respect of self-occupied house, you can only claim deduction of interest paid on housing loan, a maximum of Rs. 1.5 lakhs.
If you rent out both the houses, then the entire rent you have to show as your income from house property, you can deduct 30% of such rent towards maintenance and claim the whole of the interest paid on the housing loan.

A V Vishal (Expert) 17 December 2010
Further you can claim repayment of principal and stamp duty and registration expenses u/s 80C which is limited to 1.00 lac P.A. The limit of Rs.1.00 lakh includes your other savings like LIC, PF etc...

s.subramanian (Expert) 18 December 2010
I agree with Mr.Vishal.

soumitra basu (Expert) 20 December 2010
I agree with all.

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