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Matter of house property

(Guest)

good afternoon experts

my freind from uttarakhand ( kashipur) he taken a home loan.he does lived in this house.his emi is 30000 (25000+5000) .sir i don"t know municiple value and gav plz sir help plz tell me my calculation is right or wrong

rent received=(7000*12)= 84000

30% of standrad deduction=84000*30/100)=25200

interest on borrowed capital=60000

than total taxable income=84000-25200-60000=-1200.

please tell me that this amount will less from my salary

please told me also this

1-is this compulsery that at the time of calculate income from house property.gross annual value and municiple tax is must.can we do not calculate tax without knew gross annual value and municiple tax as I already do above .

2-can I take benefit of both hra and home loan deduction.

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17 Replies

O.D.SHARMA (DGM-F & A) (1734 Points)
Replied 31 August 2012

Intt.60,000/= will not be reduced from rent like this.

Yes HRA & loan rebates can be claimed

(Guest)

it seems its self occupied and not let out,therefore u need not calculate NAV ,u'll get deduction of interest on loan upto 30000/150000 as the case may b u/s 24.

(Guest)

MY CALCULATION IS RIGHT WITHOUT KNEW GAV AND MUNICIPLE TAX

(Guest)

yes without GAV and municipal tax its right if it is self occupied and not let out.

(Guest)

u'll get deduction of interest on loan only under u/s 24 nthg else to b calculated if its self occupied

(Guest)

IT IS MY FREIND PROPERTY BUT GIVE IN RENT.

(Guest)

alright then its let out,then u need to calculate gav and municipal tax...........................

so c ur GAV will b 84000

GAV-municipal tax=NAV

income from house property will b:

NAV

-std deduction u/s 24=30%of NAV

-interest on loan=60000

=income from house property

(Guest)

VALUE COME IN - IT WILL LESS FROM MY SALARY

(Guest)

sorry i did not understand ur question.

(Guest)

CAN YOU TELL ME THAT WHAT WILL BE MY INCOME FROM HOUSE PROPERTY PLEASE SIR

DETAIL

RENT REC=84000

INTEREST=60000

(Guest)

for income from house property which is let out u need to have municipal tax paid.......................

income from house property will b:

GAV-municipal tax-std deduction-interest on borrowed fund

(Guest)

BUT SIR WHICH CALCULATION I DO WITHOUT GAV AND MUNICIPLE TAX IS THIS IS RIGHT

(Guest)

c if the house is self occupied that is u use it for ur residense then GAV and municipal tax is not required,u straight away get deduction on interest on borrowed fund upto 30000 for repairs and upto 150000 for construction,no other calculation is required.

but in case its let out that is u hv given ur property on rent then calculation of GAV,municipal tax,std deduction etc.all r rquired.