15 March 2009
I have a housing loan towards which I pay an interest of Rs. 2.4 lacs p.a the house is rented out @Rs.2000 per month. As this current house is far away from my place of work eventhough in the same city I have rented out a house for Rs. 9000 p.m., my company gives me an HRA of Rs. 8000 p.m.
Can I claim full deduction of Rs. 2.4 lacs minus Rs. 24000 rent receipts from my taxable Income.?
15 March 2009
Yes, u/s 24(b) You will get full deduction of Interest paid on your own house which has been rented out for Rs.2000pm and also you can claim Principal Repayment u/s 80C Similarly The HRA shall be calculated as per Sec 10(13A)
CAclubindia
