sir,
I and my wife both are government servant in delhi and we have a property(flat in delhi) which is registered in the name of both of us. We have a home loan in which we both are co-applicant and home loan’s installment debited from my wife’s bank account .Our flat is on rent and we live on rent in different area in delhi.
So the question is :-
1.Can we claim both HRA rebate and INTEREST,PRINCIPAL rebate in income tax calculation, if yes than how can we calculate and which part of INTEREST & PRINCIPAL calculate in our income tax calculation separately.
2.If our flat is not on the rent than what will be the calculation.
3.Our home loan is 3392000/-and it is our first home loan ,can we claim 1 lac extra rebate if yes than how it calculate.
thanks