Dear Expert,
As we came to know
Interest paid on Housing Loan for self-occupied property u/s 24 – the salary income can be set off against interest paid subject to maximum of Rs.200000 per annum. Interest paid on housing loan for let out property u/s 24 – Interest payable on housing loan for let out property can be claimed as deduction without any upper limit.
For an independent house – one floor given for let out and in other floor owner is residing – under the condition property is registered as one unit and home loan is availed as single unit.
What if the owner is residing in the same house and given one floor or part of his House is given for let out? Under the condition house owner will not claim for HRA.
Do we need to declare as two property- one property is self-occupied and other property is let out in our investment declaration?
If YES how do we claim the interest payable on house loan for these two properties?
Do we get “Interest payable on housing loan for let out property can be claimed as deduction without any upper limit”?
Thanks
Prasad