Is home loan interest no limit exemption applicapble for a property where my parents live?



I have taken a home loan for a property at my native where my parents live.I am staying in Chennai at a rented house.Shall i claim the whole interest(more than 150000) i am paying for the home loan since the property is not self occupied.And also shall i claim HRA exemption for the rent i am paying

Is home loan interest no limit exemption applicapble for a property where my parents live?
Rate these answers

One Reply to “Is home loan interest no limit exemption applicapble for a property where my parents live?”

  1. As long as you have not rented out the house, even if you keep it vacant it is deemed ‘self-occupied’.

    You are eligible for tax benefit on interest of Rs 1.5 L.

    You can claim HRA exemption if you are receiving HRA in your salary.
    The actual HRA deduction, u/s 10(13A), you will be entitled to will be the least of the following:
    •The actual amount of HRA received.
    •40% of salary. This increases to 50% if you are renting out the house in Delhi, Mumbai, Chennai or Kolkata.
    •Rent paid minus 10% of salary (basic component + dearness allowance)

    HMT





Leave a Reply

Your email address will not be published. Required fields are marked *