POSTED BY October 5, 2012 3:10 pm ONE COMMENTON
I am paying EMI for home loan on a flat in a city other than I reside. I have rented out this flat. The INTREST PART of EMI is approx Rs.18000 and principle part 5500/- per month and rent gain is 6000/- pm. Parallel to this I have booked another flat which is under construction and likely to be ready by 2015.This flat is in same city where I reside on rent.I have taken home loan for this flat also. The EMI is approx 40000/- Pm for this. I am already taking benifit of HRA. Please convey me the following
what amount will be non taxable in both EMI.
Is the rent recived is taxable?
How much total tax can I save ?
My income comes in 30 percent tax slab and I am salaried.