2007-02-21 04:16:08 · 4 answers · asked by PRASHANT B 1 in Business & Finance ➔ Taxes ➔ India
That is can i avail tax benefits on the home loan for the house purchased in City B & house rent given to my landlord in City A where I stay simultaneously or i can avail tax benefits for one of the two?
2007-02-21 04:21:43 · update #1
i think if you are not getting any income income from house city B, you can get tax rebate on both.
2007-02-21 04:28:05 · answer #1 · answered by The Last Paladin 4 · 0⤊ 0⤋
You bet you can.
In this case for the housing loan in City B, you can get the provisional statement frm the bank and use it for your IT calcs. Assuming you have put your house in city B for rent, there is not limit on the interest claim on housing loan. (Ha your rental income - 30% of rental income) has to be clubbed with your nettaxable income from your present salary.
You can also claim HRA from your present company
2007-02-22 21:24:44 · answer #2 · answered by ram p 1 · 0⤊ 0⤋
For federal and state, neither should make a difference. For local tax, in PA it only is based strictly on your salary. In MD, it is strictly a percentage of your state taxes. That's the only two states I have lived in so you need to check your local tax laws.
2007-02-21 04:23:08 · answer #3 · answered by butrcupps 6 · 0⤊ 0⤋
Yes U can get tax benifit on both.
2007-02-21 18:00:31 · answer #4 · answered by Mahendra B 1 · 0⤊ 0⤋