Tax benefits on property being resided by family but not by self

POSTED BY bobterreins ON April 26, 2014 10:17 pm COMMENTS (2)

Hi,

I jointly own a house ’A’ in Mumbai, with my mother. For job purpose i have to stay in a rented place ’B’ closer to my office but the rest of my family along with my mother stay at ’A’. I also have a home loan going on ’A’. so my question is :

1. Can i show ’A’ as self occupied even though i am not residing in it but the joint owner is ??

2. Can i claim the Income tax benefit on home loan interest (no upper limit) u/s 24 A ??

3. Also, Can i claim HRA for the rent i’m paying for ’B’ ??

Thanks in advance.

2 replies on this article “Tax benefits on property being resided by family but not by self”

  1. bobterreins says:

    Thanks ashal.

  2. ashalanshu says:

    Dear Bob, as the A is self occupied, the upper limit is 1.5L Rs. for you. Yes you can also claim HRA benefit for rented property B.

    Thanks

    Ashal

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