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Can one rent out a flat and claim tax deduction?- Property hotline
Posted
October 28, 2016
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189
October 28, 2016
189
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5:36Now PlayingExpert: Kartik Jhaveri - Founder & Director-Transcend Consulting India Private Limited.
Question: My son stays with me in Mumbai. He bought a house in Bengaluru which is his first house. Can he rent it out and claim full interest on housing loan or will it be treated as self-occupied property with deemed rent? Also, what is overdraft facility in a housing loan?
Answer: Yes, he can let out the house and claim the tax deduction on the entire interest component under section 24(b) and upto Rs 1.50 lakhs on the principal component under section 80C of IT Act. However if the house remains vacant, then interest deduction is restricted to Rs 2 lakhs. There is no overdraft facility on a home loan.
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