Assured return

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 Assured return from house property be taxed in other source of income or income from house property.
if it is taxed under other source whether the deduction of interest paid of loan will be available or not.
pls reply

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2011 When the proper head of income has been prescribed and interest paid is available as deduction, why are you trying to show the income under the head IFOS.

Whether Returns are assured or least assured, annual value of property will be taxed under the head of IFHP. If you do not receive any income even then income is taxable on the basis of treating it as deemed let out property.

The situation will be like the passenger, who has cancelled his Sleeper Class confirm ticket, hoping that his waiting i-ticket of AC-1 will get confirmed till the chart will be prepared.

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