Home Loan Interest

Hi

I need some information on income tax.

I have recently purchased a property along with my brother, and I have started paying the EMI from this month for the same property. Although both my brother and I are joint owners and have jointly taken the housing loan- I am paying the EMI (Principal and Interest) by myself and the house is let out for rent.

Since the house is now let out for rent, my company HR/accounts department says I am not eligible for benefit of interest paid against the housing loan.

Can you please clarify?

Thank you very much.

asked Jan 17 '13 at 14:30 by vikram172 14


You can claim income tax deduction for home loan interest payment without any limit. You would need to show rental income in your taxable income and then you can claim whole interest payment u/s 24.

answered Jan 18 '13 at 20:27 by pankaj 5.2k320

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Asked: Jan 17 '13 at 14:30

Seen: 1,092 times

Last updated: Jan 18 '13 at 20:27