Calculation of interest on drawings..

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2016 I have two residential flats. one is closer to my office where I stay with my family and in another flat where my parents are staying. What will be the Income tax effect of both the flats. Will Notional rent has to be considered or not?

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2016 A and B are partners sharing profit & loss in the ratio of 3:2 having capital account balances of Rs.50,000 and Rs. 40,000 on 1st Apr 2015. On 1st July 2015, A introduced Rs. 10,000 on his additional capital whereas B introduced only Rs.1,000 . If the interest on capital allowed to partners is 10% p.a then calculate interest on capital if the financial year closes on 31stMarch

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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11 April 2016 One house where you stay declare SOP, another house where parents stay declare notional rent, if you are working than you should not claim HRA.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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11 April 2016 You need to do as said by Kaviraja sir, first house you need to consider as self occupied and other one you have take as deemed to be let out and declare notional rate which is as per your area rate and if you have taken house property loan on both then you will also claim interest on both property.

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