Section 24 - deduction on Home loan Interest

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  1. jai

    jai New Member

    I have a Home loan on my house (only one house). Where my interest on home loan come around 3L per annum. As of now, my parents are staying in that house and I stay in my brother house (both houses are in chennai and i work at chennai too... Can i show my own house as rented (by including annual lettable income on my income) and claim for full interest deduction (3L) under section 24. Or Does it restricted to 1.5L?
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear Jai

    As your parents are residing in that house, you can show that you've let out that flat to your parents. You can show that you are receiving rent from your parents (through cheque and make a lease deed as well).

    And then you would be able to claim interest benefit of the whole amount under Section 24
     
  3. jai

    jai New Member

    Thanks neha sharma,
    Actually I am not getting any rent from them. So can i take "Annual lettable income" as income on that property by deducting municipal tax?
     
  4. Neha Sharma

    Neha Sharma Active Member

    Practically, there wont be any problem if you take the Annual Lettable Value as your Income....

    But before doing this, see the longer term benefits as well... Because in the Long Term - the Annual Lettable Value will go on increasing the your Interest will keep on decreasing...
     
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