Tax deduction for home loan interest on unoccupied property since possesion in March,2016

Share This Thread
  1. Sanjoy Acharjee

    Sanjoy Acharjee New Member

    My son bought a flat jointly with me on bank loan. The flat was registered in March,2016 and possession was available at the same time.
    Location of Flat is in Kolkata. For service purpose my son is living in a rented house in
    Chennai. Our family is to shift soon before end of the financial year 2016-17.
    Is the property to be deemed as let-out or not?
    (It is read somewhere that New Income Tax rule does not treat it as deemed let-out property in the case where the owner stays in other place in service or occupation.)
    If yes, how much deduction, he can claim?
    Rs.2 Lakhs or the actual amount of interest exceeding Rs.2 Lakhs?
  2. ZED

    ZED Well-Known Member

    Can you kindly share where did you read that?

    S.23(2) Where the property consists of a house or part of a house which—
    (a) is in the occupation of the owner for the purposes of his own residence; or
    (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him,
    the annual value of such house or part of the house shall be taken to be nil.
Draft saved Draft deleted
Similar Threads Forum Date
income tax deduction (TDS) on payment of new home Income Tax Mar 9, 2018
Deduction of Home Loan for under construction property Income Tax Nov 14, 2017
Claification on Income tax deduction for Second Home Income Tax May 29, 2017
Home Insurance & Processing Charges in Home Loan Deduction Income Tax Jan 17, 2017
home loan interest deduction from taxable income Income Tax Jan 16, 2017