POSTED BY December 19, 2013 8:26 pm ONE COMMENTON
I have two houses and each having a home loan with the details mentioned below.
House A: (self occupied by parents)situated in different city other than working city
Interest Per Annum: 150,000
House B: Self occupied , situated in the city where I am working.
Interest Per Annum : 400,000
Can I declare House B as deemed let out property and House A as self occupied ? so that I can maximum my tax benefits. The maximum benefit in this case would be tax exemption on 400,000 interest component of House B(notional rent value will be added to taxable income) and 150,000 tax exemption for self occupied House A.
The only point here is House B is in the same city where I am working, hence not sure if this can be done