If self occupied property is let out then interest on loan taken to acquire it is allowed as a deduction upto 1,50,000 or without any maximum limit?
khishen shet (ca) (277 Points)
30 April 2012If self occupied property is let out then interest on loan taken to acquire it is allowed as a deduction upto 1,50,000 or without any maximum limit?
CS RAJESH C.CHOUDHARY
(ASSISTANT MANAGER)
(14607 Points)
Replied 30 April 2012
YA IT IS ALLOW DEDUCTION UPTO 1,50,000/-
Azim
(azim)
(23 Points)
Replied 30 April 2012
Unbsorbed deprecition cn be settoff against any other head except Salary Income? Right?
Azim
(azim)
(23 Points)
Replied 30 April 2012
| Originally posted by : Azim | ||
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Unbsorbed deprecition cn be settoff against any other head except Salary Income? Right? |
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unabsorbed depreciation can be set off against income from any head.
CA Dinesh Kalra
(Practising)
(31 Points)
Replied 30 April 2012
Yes.
The interest is allowed upto Rs. 150000/-
regards
Dinesh Kalra
Arun Alvares
(CA Final Student)
(52 Points)
Replied 30 April 2012
| Originally posted by : Anupama | ||
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Originally posted by : Azim Unbsorbed deprecition cn be settoff against any other head except Salary Income? Right? unabsorbed depreciation can be set off against income from any head. |
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nikhil
(CA)
(77 Points)
Replied 30 April 2012
You can set off unabsorbed depreciation from salary income.....pls refer below
/forum/can-unabsorbed-depreciation-be-set-off-against-salary-income-135163.asp
nikhil
(CA)
(77 Points)
Replied 30 April 2012
Mayur Jain
(IPCC student)
(42 Points)
Replied 01 May 2012
if the housing loan is taken on or after april 1,1999 for construction of house property and construction gets completed in 3 years then maximum deduction available is rs. 150000 and in any other case for self occupied house property it is rs. 30000
Mayur Jain
(IPCC student)
(42 Points)
Replied 01 May 2012
rs. 8000 will be added to the salary income of employee
Mayur Jain
(IPCC student)
(42 Points)
Replied 01 May 2012
the set off provision applies head to head i.e. either they are intra head or inter head......they do not apply to any particular expense or loss and BUSINESS LOSSES i.e. losses u/s 28-44 are not allowed to be set off against salary income.....so setting off unabsorbed depreciation would be defeating the provisions of Income Tax Act
CAclubindia
