House property

This query is : Resolved

vinay (Querist)
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18 July 2014 Hi
I have a house in my home town and have given it on rent. On the other hand, I am staying in a rented house in the city where I am working.
Will the house property be treated as self occupied or let out as my interest on house loan is more than 2 lacs ?
Thanks

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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18 July 2014 house property is not rent, it will not be self occupied. you can claim full amt of intt paid on housing loan as deduction, without restriction of rs 1.5 lac. hence you will be eligible to claim full amount of rs 2 lac intt paid as deduction

ALOK GOEL

ALOK GOEL (Expert)
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18 July 2014 Pl. review the clarification in view of my information below.

1. When your House on rent whether in home town or elsewhere and receiving some rent , then whole RENT amount is taxable unless it is self occupied or dependent parents or other dependents are leaving there.
2. The house loan interest is exempted up to 1.5 lakhs for FY2013-14 and now upto 2 lakhs for FY 2014-15 AS DECLARED RECENTLY.

REGARDS

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