Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2014 I have buyed a second home for which the possession is due by the end of this year. For which the loan amount is 48 Lacs. As this is my second home i need a clarification on how i should claim the loss from house property. I even want to know weather employers accept the provisional interest paid certificate to adjust that amount against income from salaries or the only option is to claim by filing tax return. In case adjustment of loss can be done only through tax filing then, it will be huge refund amount and my concern is whether government will pay back easily or there will be issues in claiming back my money every year. Thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 August 2014 1. If you have two houses then you can claim only one house as self occupied. You will have to show the other house as deemed to be let out and show rental income from that house.
2. Provisional interest certificate is acceptable by employers for TDS calculation purpose. However you will have to submit actual certificate in March