dattatreya Sarma (accountant) (108 Points)
08 February 2012Dear
I have two houses in one house my parents are staying and other i let it out and now i am staying near to my office in a rent house i am paying 9000/- as rent i have loans on my two houses can i clime interest on my two houses and how much i can clime as loss on house pls clarify
RAKESH
(Almost CA)
(2199 Points)
Replied 08 February 2012
For Self Occupied property : Maximum of Rs. 1,50,000/-
For let out property : Maximum - No limit.
CA Vishwanath SR
(ACA - Practice)
(85 Points)
Replied 09 February 2012
Dear Dattatreya sharma,
Please note the following clarification:
1. With regard to HRA, you can claim HRA exemption based on the payment of Rent.
2. With regard to Interest on house property, One house Property in which your parents are staying will be considered as Self Occupied Property and you can claim Interest paid on Housiong Loan towards that property at the maximum of Rs. 1.50Lacs. Actual amount of Interest paid/payable on Let out property can be claimed as there is no limit for Let out properites.
CAclubindia
