I have already a house in my name in my hometown and i am currently working in Bangalore and buying a house here.
What is the applicable rule to claim tax benefit w.r.t. Interest Paid on Housing Loan. Can i claim actual interest paid on the property as tax exemption?
14 February 2011
Agrred with Shaileshji, yes you can claim for 1.5L interest as deduction from your income.
But you can claim only one property loan interest as self occupied property. Thats your call which one to be claim, if the hometown property is on loan.
14 February 2011
You can claim actual amount of interest in case the property is let out or deemed let out. * In case you claim HRA benefits, you can continue to stay in your present rented house and let out your new house for claiming maximum Interest benefit. * In respect to loan repayment of rented house, you can claim Deduction U/s 80C. * If you follow this line, you can claim your hometown house as SOP.
CAclubindia
