CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
16 June 2012The assessee has got the construction completed in March 2012. He has let out the property from April 2012.
In this Case, Is the Annual Value relating to the property be taken as Nil?
If yes, It would be deemed to be self occupied and the assessee cannot claim more than Rs.150,000.00 as interest on housing loan.
Am I right or has the assessee got the option of claiming the entire interest on loan in FY 2011-12 being the yr of Completion?
Shivshankar
(a c.a student)
(229 Points)
Replied 17 June 2012
If house is let out then there is no question of limit of Rs.150000/- interest on loan can be claimed for any amount.
the ceiling limit of Rs.150000/- is allowed only when house is self occupied by the assessee.
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 18 June 2012
The house is let out only from April,2012 (the next financial year).
What is the Tax implication in this case ?
Chetan
(Officer)
(112 Points)
Replied 18 June 2012
In this case the property has been let out in april 2012. So the income on house property has actually been generated in the year 2012-13. So the ceiling limit of 1.50 lacs will not apply in 2012-13.
For the year 2011-12, the annul value as questioned by you shall be considered as Nil. So the ceiling limit will may apply.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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