POSTED BY January 8, 2014 8:14 am ONE COMMENTON
Please respond to earliest opportunity, since I have to declare tax deduction proof to my employer.
This is details of my first house loan-
Possession Date- 20-March-13.
Let out for 2 month (Apr-13 and May-13), I was staying in rented house since rent was paid till May-13. Then I self occupied the house from June-13 till say Mar-14. I read somewhere that-“If a house has been let out even for a single day in a year but has remained self-occupied for remaining 364 days, it shall be deemed to be let out for the whole year.”
Can I declare my house as let out for whole year and claim full interest paid appx 2.5 lacs? If yes then what would be annual value of the house (Actual rent received was 20k).
Thanks in advance,