Query on home loan interest

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  1. 13manojkumar

    13manojkumar New Member

    Hello,


    I have two house, both in Greater Noida.


    House A was purchased in 2006 (through Home Loan), but got possession only in May 2016. Now I am planning to rent it out. Pending home loan outstanding is 8Lakh. Home loan interest for current year is Rs. 80 Thousand

    House B was purchased in 2011 (through another home loan) and got possession in the same year. I am living in this home. Pending loan outstanding is 25L. Home loan interest for current year is Rs. 2.5L


    For House A, from 2006 to 2016 (considered as construction period) , I paid around 20 Lakh as home loan interest.


    So question is:

    Can I considered House B as self-occupied property and claim 2L Interest benefit and also

    Can I consider House A as Let Out Property and claim Rs. 80 thousand as interest rate benefit and also 20L in 5 instalments in next 5 years.


    So total interest claim benefit in a year FY 2016-17 would be

    2L - House B +

    80K – House A +

    4L – House A (under construction period)


    = 6.8L – overall


    I will also show the rent as my income from let out property i.e. House A.


    Please guide me.



    Regards

    Manoj

    Ph. 9818686610
     
  2. ZED

    ZED Well-Known Member

    Your computations are correct. Do not alter the status of house property, otherwise on house A deduction would be restricted to 30,000 ONLY (not even 2 Lakhs).
     
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