Deduction from income under head house property
This query is : Open
21 February 2015
Hello,
(1) Dedcution of Interest on Loan:
Pls guide whether Loan Interest paid during FY 2013-14 will be available as deduction while calculating Income from House Property? It is to be noted that person had sold property on 20.03.2014.
(2) Dedcution of Principle Portion of Loan:
Pls clarify also whether deduction of Installment (Principle Portion) will also be available as dedution in above example.
(1) Dedcution of Interest on Loan:
Pls guide whether Loan Interest paid during FY 2013-14 will be available as deduction while calculating Income from House Property? It is to be noted that person had sold property on 20.03.2014.
(2) Dedcution of Principle Portion of Loan:
Pls clarify also whether deduction of Installment (Principle Portion) will also be available as dedution in above example.
21 February 2015
Dear Hiren,
Benefit of deduction of interest can be claimed (subject to maximum limit in case of self occupied property) against income from house property.
As far as principal amount is concerned, you may deduct u/s 80C against gross total income provided possession of the house property has been completed 5 years from the end of the year in which property was possessed (as the H.P already sold on 20-03-2014)
It is noted here, benefit of deduction u/s 80C can be claimed only by Individual and HUF subject to maximum limit (cumulatively)as prescribed u/s 80C.
Benefit of deduction of interest can be claimed (subject to maximum limit in case of self occupied property) against income from house property.
As far as principal amount is concerned, you may deduct u/s 80C against gross total income provided possession of the house property has been completed 5 years from the end of the year in which property was possessed (as the H.P already sold on 20-03-2014)
It is noted here, benefit of deduction u/s 80C can be claimed only by Individual and HUF subject to maximum limit (cumulatively)as prescribed u/s 80C.
Message likes :
1 times
21 February 2015
Hi
Yes you can claim both only if flat was self occupied by you & it was under your possession for 5 years from end of the fina. year in which you bought the same so as to not adding back amount allowed as exemption.
Thanks!!
@VaibhavJ
Yes you can claim both only if flat was self occupied by you & it was under your possession for 5 years from end of the fina. year in which you bought the same so as to not adding back amount allowed as exemption.
Thanks!!
@VaibhavJ
24 February 2015
Since the property is sold out on 20 - 03 - 2014, deduction u/s 24(b) and 80C (xviii) cannot be claimed for assessment year 2014 -15.
24 February 2015
Income from house property is taxable in the hands of its owner, even if he is not in receipt
of income from such property. Owner means the legal owner. However, it also includes
deemed owner.
of income from such property. Owner means the legal owner. However, it also includes
deemed owner.
21 March 2015
To CA Alexander Gazi
Pls refer opinion of B Chakrapani. He has replied that dedution is not available.
Reply urgently pl.
Pls refer opinion of B Chakrapani. He has replied that dedution is not available.
Reply urgently pl.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
