Rebate on home loan interest

Please clarify 
1.whether the 3 year cap to get possession of home after loan was taken, applies to a rented out property also.
2. This budget, the limit has been raised to 5 years. I got possession in Jun 2016. The first loan was taken in f/y 2012-13. 3 years ended in March 2016. But it is within 5 years. Now , how much will be  my rebate limit for self occupied and rented?
Asked 5 months ago in Income Tax from New Delhi, Delhi
Dear Sir,

Please find my response below

1. No.

2. In case of self occupied property you will get interest deduction of 2 lacs and in case of rented property, you will get entire interest as deduction.

Please feel free to revert in case of any doubts

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
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If you are paying the EMI, only you will get the deduction. However, if your wife is also paying the EMI or you can show that your wife is transferring the EMI amount in your account then you both can get the deduction.

Please feel free to revert in case of any doubts
Abhishek Dugar
CA, Mumbai
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Dear Sir,

You get deduction of 30% from your rental income tobcover all these expenses.

Please feel free to revert in case of any doubts.
Abhishek Dugar
CA, Mumbai
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I think your conversation is going on with our colleague. Let the same continue and will not give opinion on this . If further clarifications mail us on modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
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Hello Sir,

The Rebate for Self Occupied Property is upto Rs.2 Lacs.

There is no upper limit for Let Out Property.

Please help us with the details in order to guide you in a proper manner. 

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
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Hello Sir,

You cannot claim such expenses but yes you will get a flat deduction of 30% on your rental income.

Please help us with the details in order to guide you in a proper manner. 

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
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