House property

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

Query:
– 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?

vivek24_79 Asked on February 27, 2018 in Taxations.
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1 Answer(s)

Mr Vivek

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

Regards

TaxIQ Answered on March 6, 2018.
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