First and only home (loan), not self occupied - eligible for 80c and sec 24?

A person buys a home in "city A", with help of home loan. This is his one and only property. But he does not stay in "city A". His relatives stay in that home but without rent.

He is salaried employee in "city B" with no other income. In "city B" he stays in a home owned by his father along with his parents. He does not pay any rent to father and has no HRA claims.

In the above case the person can claim home loan interest (max 2Lac) under section 24 and principal component (Max 1.5Lac) under sec 80c. Is my understanding correct ?

asked Feb 05 '16 at 18:01 by cshekhar3334 311712

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Asked: Feb 05 '16 at 18:01

Seen: 2,289 times

Last updated: Feb 05 '16 at 18:25