POSTED BY October 19, 2013 5:11 pm ONE COMMENTON
I live in my own house and bought a second house in the same apartment complex recently. My parents, who are my dependents, have moved into that house.
Since I have taken a home loan for this second house, I am planning to claim tax benefits (Principal & interest). Do I need to declare this house as “Let-out” or “self-occupied” (as my dependents are staying there)? Do I need to declare a nominal rent from my parents and pay tax on that income?