3 house property
This query is : Resolved
23 January 2014
My Cliant purchase 3 house respectivly
1st house 2010-11=P-20000/- Int.36000/-
2nd house 2011-12=P-25000/- Int.40000/-
3rd house 2012-13-60000/- int.80000/-
i can show interest amount up to 1.5 lakh & principal in 80c can posible
1st house 2010-11=P-20000/- Int.36000/-
2nd house 2011-12=P-25000/- Int.40000/-
3rd house 2012-13-60000/- int.80000/-
i can show interest amount up to 1.5 lakh & principal in 80c can posible
CA Mohit Bansal
(Expert)
24 January 2014
Yes! It is possible to get deduction in respect of multiple house properties
25 January 2014
Thank you sir---1.query sir cliant show the 3 house int.total up to 1.5 lakh & principal as per 80C but 1 house there resident & other 2 house on the basis of rent,than compulsory show the income of rent for rebate of Interest & principal.
CA Mohit Bansal
(Expert)
25 January 2014
Yes Sopan! You have to show rent compulsarily
25 January 2014
ok sir but suppose in case 1 house issued to relative for resident free off rent, can show this house interest & principal in my income tax deduction without received rent shown.
CA Mohit Bansal
(Expert)
27 January 2014
No, a standard rent shall be charged in your ITR irrespective of the fact that you have not received any actual rent
27 January 2014
Ok Sir
1] I Can Use ITR-1 & Show Rent Income in Heading- Income from House Property
2]Full rebate Int.1.5 Lakh & Principal as 80c
Correct sir, Please Reply
1] I Can Use ITR-1 & Show Rent Income in Heading- Income from House Property
2]Full rebate Int.1.5 Lakh & Principal as 80c
Correct sir, Please Reply
CA Mohit Bansal
(Expert)
27 January 2014
yes! you are right
ITR1
ITR1
27 January 2014
Thanks Sir,
1]sir, I can rebate of Interest & Principal starting from first installment home loan
2]when construction in bal. process i can rebate of interest & principal
please reply
1]sir, I can rebate of Interest & Principal starting from first installment home loan
2]when construction in bal. process i can rebate of interest & principal
please reply
CA Mohit Bansal
(Expert)
27 January 2014
you can claim deduction of principal amt u/s 80C at stretch but deduction of interest for the per-construction period has to be claimed in 5 equal installments starting from the year in which construction gets completed.
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