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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Sep 11, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Sep 05, 2023Hindi

Money

Hi Tejas,Hope you are doing great.I have an query regarding home loan.I have 2 flat,one I am residing and one I let out... and for both,home loans are going on.For tax purpose,I am putting my higher loan for interest deduction (200000),Can I get any deduction benefit on my 2nd house (for this I took loan on 2013)

Ans: basis the details you have provided, one in which you are residing may be considered as self-occupied and one which is let out . in both the cases, the deduction of the home loan interest paid to the approved housing finance company by banking channel and against certificate of interest issued by such company is available.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Sir, Me and and my spouse had bought a flat in 2021. We took a housing loan from BOI and we are paying almost 2.5 lakh per annum as a interest on the loan. Both of us are tax payers. My question is, while filing a income tax, can I declare 2L as interest on housing loan and my wife can declare a 50k as interest on housing loan. Or the interest amount should be equally divided among us?

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I own 2 flats in 1 society on same floor , both are 2 bhk and financed through separate home loans. now i want to let out both flats separately and receive rent from those , while i myself rent a bigger house a 4 bhk in same society as i need bigger place for myself and my family. Can i claim home loan interest exemption for both flats as well as HRA exemption ? I do receive HRA as part of my salary and the city name is Ghaziabad.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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