Loan repayed by pf amount, having 6lac in interest paid in last 3 years

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  1. Dear Sir,
    I took housing loan in 2011 and got possession on 11 march 2015. I took interest and principal amount statement from bank it is 5.3 lac interest & 1.7 lac as principal. The loan outstanding was 15 lac ,which I re-payed by taking funds from PF,now I do not have any loan on the property.
    1.Pls tell me can I take interest benefit for the interest paid for next 5 year with 20% each year. This will help me offset rent received against the interest paid.
    2.If I do not take interest benefit from Govt still I will have pay nominal rent even if the flat is empty.
    3.As I have paid all the amount & I have not taken any interest benefit , do I need to show this property self or non self occupied(rented)
    Pls advise
    Regards
     
  2. Anand Jain

    Anand Jain Member

    The property has not been constructed within 3 years - the deduction allowed for self occupied property would be reduced from Rs. 2L to Rs. 30,000

    Yes, if a property is not used for self residence, you will have to pay tax on notional rent

    You can show any 1 property as Self occupied and all other properties would be treated as Let Out
     
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