Income TAX benefit under Section 24 on Two House properties and HRA

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  1. Abin Jose

    Abin Jose New Member

    Dear Sir,

    I own two house property. In one property my parents are staying and the other one is let out. And due to the job at a different place I am staying at rented house in a different place. For both the house property I have taken housing loan.

    Own House at place A (Parents stay here- self occupied)
    Own House at place B (Rented out)
    Rented House at Place C

    As per Section 24 deduction, on self occupied house at 'Place A' I can take advantage of interest payments up to Rs.1,50,000. For the other property at 'Place B', can I claim actual interest repaid without any limit since I am staying at Place C owing to my Job

    Also my query is whether I can claim HRA benefit for the rented house at 'Place C'

    Thank you.
     
    sonamicky likes this.
  2. Karan Batra

    Karan Batra Well-Known Member

    Dear @Abin Jose

    1. For the house in which your parents are staying - it would be treated as Self Occupied and you can claim Interest Deduction upto Rs. 1.5 Lakhs

    2. For the property which is let out, there is no maximum limit on the interest amount allowed to be claimed as a deduction and you can claim the whole amount as Deduction.

    3. You can also claim HRA benefit for the Rented House in which you are currently staying and are paying the Rent for the same.
     
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