Tax saving options for NOT staying in own home ?

POSTED BY Sambaran Mitra ON March 24, 2014 11:46 am COMMENTS (3)

I have my own apartment (A). However, for personal reasons, I want to move to another apartment (B) in the same city. I will give A on rent. What are the tax saving options available to me for the rent I receive from apartment-A?

3 replies on this article “Tax saving options for NOT staying in own home ?”

  1. ashalanshu says:

    Dear Sambaran, NO. the buck stops here. 🙂

    Thanks

    Ashal

  2. Sambaran Mitra says:

    Thanks Ashal. No, there is no outstanding loan on ‘A’.
    I know that on the rental income of ‘A’ I can deduce 30% as maintenance and pay tax on the remaining amount.
    I know that I can claim HRA on the rent I will be paying for apartment-B.

    I want to know if there are any more avenues for saving tax.

  3. ashalanshu says:

    Dear Sambaran, If A is on loan, you can claim full interest with out the limit of 1.5L Rs. (for self occupied property). But rental income ‘ll be added into your income from salary and all other sources.

    Thanks

    Ashal

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