It exemption for 2nd home

Lakshminarayanan (CEO) (64 Points)

16 October 2013  

Dear Sir,

I have a query on tax benefits on 2nd loan:

I have a flat at Coimbatore which is on loan for 6 lakhs & I am not getting any rent from there as my parents are staying there.

I have purchased a flat in Chennai for 56 lakhs on loan which I have rented out for 20,000/- p.m.

I am staying on a rented apartment in Chennai for 15,000/- p.m.

 

  1. Can I claim HRA benefits?
  2. Can I claim IT benefits u/s 24 for unlimited interest payment for my let out property @ Chennai?
  3. Can I declare my Coimbatore flat as self-occupied property for IT purposes?
  4. Should I continue both the loans to avail income tax exemption (or) can I close this 6 lakhs loan as I am planning to close the same?

Looking forward for your reply ...