POSTED BY July 13, 2013 5:08 pm COMMENTS (2)
ONHi,
I had purchased my first property on 2006 and closed home loan on 2012. I had purchased another property on this year and this will be rented out. I will be paying home loan interest of 4 Lakh from this year onwards. I would like to know, whether I will get IT benefit for 4 Lakh or capped amount of 1.5 Lakhs.
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You are lucky . you will get full 4 lacs of exemption .
Dear Murali,
Yes you can get IT benefit for 4 lacks but you have to a declare property as let out and also you have to pay tax on rental income.
1.5 limit is applicable only if you are showing property self occupied.
Regards
-Mohit