I had bought two flats, the EMI for both is 20,000 per month each. Can you please tell me how much benifit i can take. Both the flats are ready to live but both i had given for rent@8000 each and i am staying at rent@8200/month.The HRA is Rs 13750/month from the employer.
1 Answers
If your owned flat is in same city as job or within a commutable distance, then you cannot avail HRA exemption.
You can avail exemption for loan for both the flats. If they have been given on rent, then there is no maximum limit of home loan interest exemption. Whole interest amount paid in the year can be deducted from salary. But you will have to show rent as a part of your income.
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