Income Tax rebate on Housing Loan on rental property and HRA rebate?

If I rent out Indirapuram Flat, can I claim Income tax rebate on Interest part of the housing loan as well as HRA rebate?

Yes you can claim tax rebate on the Interest portion of the housing. You can also claim HRA as you are living in a rented property. Note: There must be a valid reason for you to own a house and yet stay in rented place. i.e. the rented property is far from your daily commute to office, is small/big for you family needs etc.

Can I also claim Income Tax rebate for the loan interest paid during 2011 till March'2015 in 5 years for the rented property?

This is slightly grey. You can do this for First House. You cannot do it for Second [Rented] house. There is no wording on Rented First house. Best consult a CA advise and defend it.

Will there be any limit on Income Tax rebate for interest on housing loan for rental property ?

No. Again there is a conversation of First house limit of 1.5 lacs. Second House unlimited. However if the first house is rented, can it be unlimited it not fully clear in the code. Consult a CA.