Income from House property
This query is : Resolved
09 February 2021
My father is owning a house in town but due to my studies we are residing in rental house in city . we are paying housing Loan amount of 22500 per mouth for the own house in town and letting out that for a rent of 5500 pm . here in city we are paying 6500 pm for rental house . suggest me the best way to account this to avoid excess tax .
09 February 2021
Your father income from house property will be w.r.t. his own house. It being rented property, annual value will have to be calculated. he will get deduction of interest paid on loan from such income (max. 200000 p.a.) and for principal payment of loan, he can claim it under 80C.
Regarding the rent he is paying in the city, if he is salaried, he can claim the same as HRA exemption as per the limits therein.
Regarding the rent he is paying in the city, if he is salaried, he can claim the same as HRA exemption as per the limits therein.
11 February 2021
Thanks a lot that helps me a lot
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