Hi, I’m working with a multinational and need help ininterpretation of taxability house property income.
Below are the facts:
– I own a house in Gurgaon, Haryana but is lying vacant since2 years
– I took a loan for the above house and hence paying interest
– I stay in a rented accommodation within Gurgaon as my ownhouse is too far from my office
– I’m claiming HRA for the house I’m staying in (on rent) andnot claiming home loan interest as both houses are in the same city
– Now I want to rent my own house and continue to stay inrented one
– If I add rental income in my ITR, can I now claim home loaninterest (200,000) as a deduction? if yes, can this be set-off against salary income
– Can I continue to claim HRA for rented accommodation?
You can rent your house and stay in rented house , there is no stoppage for that.
You can claim actual interest against rental income upto Rs 2 Lacs and carry over balance interest to offset in future against house property.
Yes , due to employment you can stay in another house and claim HRA