I have booked a flat in July 2010 and possession was taken in Feb 2014 as my 2nd house. I reside in my 1st house in the same city. Now this flat (2nd house) is vacant as some works like wood work almiras and kitchen essential are to be fixed. I have taken home loan. What will be the Income tax calculations.
1 Answers
You will have to show a notional rent on second house and then you can claim full home loan interest without any limit.
Sir, Notional rent for Feb2014 to March2014 or for the whole year 2013-2014. As the possession of the flat was given to me in Feb2014 and the registry was done in Jan2014. Please clarify.
You can show notional rent only for Feb, March 2014 as rent cannot be received before possession.
where to get notional rent? for example in marunje village (Hinjewadi) in Pune, Maharashtra.
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