Hello Sir,
I am really happy with your forum and the way you sort out the queries of people. A great thanks in advance for sorting my query.
I stay in a rented accommodation in Bangalore and claim HRA for it. I recently purchased an apartment in Bangalore by taking a home loan of Rs 25 lakhs on 26 April ’12. I started re-paying the full EMI (Rs 30604/) from the very first month (June’ 12). I got my apartment registered in Sep 12. (The finishing work and interiors are going on for 3 months and my brother will be moving to this apartment in Dec 12.
I had a few queries in claiming the tax benefit on my loan.
1. What period is to be considered for the calculation purpose?
2. Should I claim my apartment as let out or self occupied as my brother would be living here.
3. It would be of great help if you could illustrate the better benefit in my case.
The rental value in the area my apartment stand is around 6000 – 7000 for a 2 BHK.
Thanks a ton,
Harish.