i have availed a housing loan from a bank for Rs.60 lakhs. and i am paying loan istallement from february 2012 and i received my house completion certificate only in november 2012, and i imediately let it out to some tenant at RS.20000 per month.
my view is
can i show that 20000*5 =100000, as income from house property for year 2012 &12
and showing the interest of around 600000 of current year and apportined interest for 20000
i.e.total 620000 as loss from house property
then my income from house property is:::
wholly let out
rent received 100000
less: repairs @ 30% 30000
total income 70000
less: interest (620000)
loss from house property (5,50,000)
is this calculation correct.
please help me out if there are judgements supporting this,
or if any mistakes please let me know
waiting for ur valuable suggesions.
CAclubindia
