Query on Let Out properties
Hi Team,
I need some help from you, its related to Let out property. Actually I have two flats one I have purchased in 2014 and got the possession for the same in April 2016 and in Aug, 2016 I purchased another flat. Both the flats are in outskirts of the city so both have been rented out. This time I was able to declare only one flat in Let Out Property as for the other flat I am yet to pay the property tax and EB name transfer is also not done. So my questions are:-
1. Can I declare both the properties as Let Out and also claim HRA because I am staying in rented flat near to my office and both my flats are more than 30 kms hence I need to rent both of them. So need to confirm if its possible?
Note: In my company portal while declaring Income tax, I was able to submit details for only 1 flat only so the company HR told me that I can claim for other flat while filing returns.
2. As for the year 2017-18, govt has put the cap of 2 lakh on the home loan interest on Let Out properties similar to Self Occupied property so I wanted to know if I show both the properties as Let Out then 2 lakh interest cap is overall or it is for each property?
3. Can I show the pre EMI interest for my first flat for which I had taken loan in Jan 2014 and I got the possession of the same in April 2016? As I didnt submit or declared anything in Income tax for my first flat in 2016, can I declare the same (pre EMI, interest paid, princial paid) in FY 2017??