I have 2 house property 1 self occupied and another 1 is deemed to be let out property. I know that I don't need to pay tax on self occupied house but I want to know would I have to pay any tax on deemed to be let out property whether I have no income from that house?
If I have to pay taxes on that deemed to be let out property then how much I have to pay?
Hello, please figure out Fair market value and deduct any property tax u have given, then deduct 30% maintenennce charge abd then tax has to be paid on remaining amount as per your slab.
I borrowed a loan of Rs 30 Lakh from a bank and Rs 12 Lakh from a Co-Op Society, and purchased a flat, which is vacant i.e deemed to be let out for the complete year and I residing in our ancestral house in the same city. My querie is As my flat is vacant (DLOP), can I claim the the complete Interest i.e the Interest from Bank + the interest from Co-OP Soc + Pre construction Interest for deduction under Sec 24- which rises well above Rs 2 Lakh.
Pls explain the tax calculations...
CAclubindia
