I had shifted from Delhi to Bangalore 3 years back. I have a house in Delhi, which i have given on Rent. For the Delhi house, i had taken the loan from LIC which i am going to close this month
Sometime back i have purchased a flat in bangalore and had taken loan around 50lakh for the same. Currently i am staying in some other flat on rent.
One of my close relative recently got transferred to bangalore. The flat which i have purchased, i have given to my relative to stay and i am not taking any rent from them. I will continue to stay on rent.
Queries –
1) My EMI is around Rs 50000 per month. For the first year (first 12 months), the interest portion would be around 5 Lakh and the principal portion would be around 1 lakh. Can i get the income tax benefit for entire interest portion of Rs 5 Lakh ?
2) I am paying the rent around Rs 10000 per month. Can i continue to avail the income tax benefit under HRA ?
Thanks very much in advance