02 June 2012
i bought a house on loan and staying in it, as the IT rule says that You show the rent for a house and get all the interest paid as non taxable . can i do the following?
the same house in which i am staying with my wife, is rented to my wife and collect rent from her. declre all the rent and getthe benefit of all the interest paind on loan as non taxable?
03 June 2012
still i am not clear , i am asking tht can i show that i have given the present self occupied house on rent to my wife,and collect rent. declare th rent and get all the interes paid on laon as non taxable
03 June 2012
You can show the Rental Income by showing the Property as Let Out Property. . The fact that tenant whether allows you to stay with her, does not change the character of property from being it a let out property. . You can claim entire interest amount payable on housing loan taken for this let out property. .
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