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venkat.kumar.r@gmail.com
Hi,
I' having a home loan taken during 2007 and able to get the tax exemption
under both section 24 u/s (for interest) and 80c (for principal) till March 2011 as my property was under construction.
However, i have rented out the house now (Rs. 1,56,000 per annum) and getting rent from this month April 2011. So, i need to declare this income in my tax sheet.
My employer has asked me to declare the following.
Deduction Interest u/s 24: Rs. 1,76,000
Deduction Repairs u/s 24: Rs. 1,56,000
My Questions:
1) Why the income coming from House to be declared under "Repairs"?
2) What will be the tax exemption for my home loan interest? Will i get full exemption for Rs. 1,76,000 or restricted to Rs.1,50,000.
3) Is it like only (Rs. 1,76,000 - Rs. 1,56,000) will be tax exempted?
Please answer my queries.

From India, Bangalore
pon1965
604

you will get exemption for Rs.1.50L. If you don’t want to show your rent income in repairs, you will have to show it as income and pay the tax. pon
From India, Lucknow
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