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POSTED BY ON July 2, 2012 3:09 pm ONE COMMENT
Dear Manish,
I am a salaried employee in Mumbai staying in rented house. I claim tax benefit on the house rent paid.
Following are my queries.
1. How is tax exemption work in case i take a loan for purchasing a property in another city?
2. How is tax exemption work in case i take a loan for purchasing an apartment (ready to occupy/second hand) in another city?
3. How the answers to the above vary if DTC is in place?
4. What is the implication on the loan taken now once the DTC gets in place?
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Dear Suresh, if you are living in City A on rent & claiming HRA benefit & purchasing house with home loan in City B, You can claim home loan benefit also. The basic factor ‘ll remain same, for self occupied property it ‘ll be max. 1.5L Rs. interest & whatever principal repmt. is there ‘ll be considered in section 80C benefit. If the house in question is on rent, the rental income ‘ll be added but full interest ‘ll be available for set off with out any limit. As you intent to purchase ready to move in property, the loan benefit ‘ll start from the day one itself as you w’d have immediate possession of your house.
DTC – It’s still only a talk & no walk So I w’d not like to say anything. Let the wise men in the parliament decide the final shape of DTC, then only it’s advisable to discuss it’s impact if any.
Thanks
Ashal