In case the owned house is not sufficient and i chose to stay in a rented place (other than the owned house), can i claim both HRA and 150000 deduction?
In case the owned house is not sufficient and i chose to stay in a rented place (other than the owned house), can i claim both HRA and 150000 deduction?
In case the owned house is not sufficient and i chose to stay in a rented place (other than the owned house), can i claim both HRA and 150000 deduction?
In case the owned house is not sufficient and i chose to stay in a rented place (other than the owned house), can i claim both HRA and 150000 deduction?
Just 2 queries :- 1. If both my houses are in 2 different cities, can I still choose any one of them as the self-occupied one every year? 2. If both spouses are co-owners (and co-applicants for the loans) for both the houses, can one choose to pay tax on any one of the properties and the other spouse chooses the other to pay tax on?
I understand tax benefits are not allowed for interest amount beyond Rs.150000/- paid towards repayment of home loan irrespective of no. of properties .Please clarify
Re: Home LOan Deductions
by kiran kumar on Mar 18, 2010 04:38 PM
cap of 1,50,000 is applicable only for self occupied house. subsequent houses are considered as businesses, as in any business profit & loss statement, income side will be rent, expenses side will be maintenance (30% of rent), local body taxes, bank interest. These houses, irrespective of making profit or loss should appear in the returns under "income from other sources" head. If this is a profit, tax should be paid on it. If it is a loss, tax benefit is realized.
Basically, for the 2nd house onwards, though the loan taken is a housing loan, IT will consider it as a business loan.
Re: Re: Home LOan Deductions
by Periakaruppan on Mar 29, 2010 03:32 PM
Kiran, while what you said is true, this income comes under the head "Income from House Property" and not under "Income from other sources".
I understand tax benefits are not allowed for interest amount beyond Rs.150000/- paid towards repayment of home loan irrespective of no. of properties .Please clarify
i am joint owner of two properties & claim interest benifit up to rs.1.50 lakh from property that ihave given on rent.the monthly rent is 10000 only.loan taken on another prop. is 35 lakhs and self occupied for which my dad takes interest benifit of 1.50 lakh.can itake some interest benifit asintt.we pay is more than 3.5 lakh per annum from anish
Re: interest on two properties
by Almighty on Mar 19, 2010 09:58 AM
It would be better to show second prop as your second property and take full interest deduction minus rental income - 30% of rental income - tax paid.
Or you can claim interest deduction upto 2 lacs plus your father can claim upto 1.5 lacs as his first property.
i am joint owner of two properties & claim interest benifit up to rs.1.50 lakh from property that ihave given on rent.the monthly rent is 10000 only.loan taken on another prop. is 35 lakhs and self occupied for which my dad takes interest benifit of 1.50 lakh.can itake some interest benifit asintt.we pay is more than 3.5 lakh per annum from anish
Re: TOP UP LOAN ON AN EXISTING HOUSING LOAN IS ELIGIBLE FOR TAX B
by Almighty on Mar 18, 2010 03:08 PM
it depends on usuage. If you take it for renovation of building yes you can claim 80 c.
