Home loan tax rebate

You can keep on claiming HRA as you are living in a different city than the place where you own the flat.

In addition the interest on loan instalment can be claimed. This would be basis the annual value of the property.

If the property is not let out the annual value can be claimed as NIL and less the interest for the loan during this financial year this will give you a deduction for the interest on loan that will reduce your taxable Income by the amount iof interest on loan.

But if you have let out the property than the computation would be different.

Money spent for registery u can claim deduction while selling of property, add back the money spent on registery to the value of property while calculating cost of aquisition.

Calculation of GAV

Municipal value or Fair rent value which ever is higher

Higher of above or Statutory rent which ever is lower.

Lower of above or Actual rent recievable Which ever is higher

Note-In the case Higher of Annual rent receivable(ARR)  then GAV = ARR-loss due to vaccancy

Hi Sandeep,

I am not clear about the registry cost i spent.

I spent 80000 on registry stamp papers (without surcharge) and 10000 Noida authority fee.

Can i take tax benefit on this.

Hi Sanjeev,

My new flat and company are in same city, is any issue for claiming tax rebate on Home Loan and HRA.

Sanjeev