12 January 2013
I am drawing salary from my employer which has a salary component such as Basic, HRA, Coveyance, etc.I am also paying EMI on my Home loan which has Interest and Principal component for a house whose possession has been taken. i am staying in the rented house and the other house is vacant.Can I simultaneously seek IT rebate on account of the EMIs being paid (unoccupied but completed house)plus rental charges of house (occupied). If so to what extent in case of rental being paid as the rebate limit for Interest on Home loan and Principal is known which is Rs 1.50 lacs and Rs 1.0 Lacs. Thanks.
12 January 2013
Dear Friend, the interest and instalments on house loan will be deducted upto maximum of Rs. 1.50 Lacs u/s. 24 and Rs. 1.00 Lacs u/s. 80C. you can not claim both rent and interest as well. Thanks
CAclubindia
