Exemption from second house loan

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CHANDAN JANGID (Querist)
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29 April 2016 Dear Expert,

I have Two House property and taken Home loan on both house for construction purpose separately separately. I have use One House is Residence purpose and other is vacant in previous year i,e, 2015-16.
Now My employer calculate TDS on Salary, So they assume residential house is Self Occupied and Other is Deemed Let Out.
They deduct Interest of 1st Home loan as per Self Occupied loan i.e. maximum upto Rs. 200000/- and Principal Amount under section 80C limit maximum upto 150000/-.
And for second loan they shows my rental income Rs. 7000/- p.m. and deduct full Interest Amount in this income and principal loan not deduct under 80C.
My Question is Above calculation is correct. As per law of Income Tax they has not deducted 30% Standard Deduction. They says my property vacant for full year thus they not deduct Standard deduction.

Rupesh Jain

Rupesh Jain (Expert)
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29 April 2016 yes you have to show 2 nd house as let out and take all intt and calculate the tax liability.

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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29 April 2016 As they consider the second property as DLOP, benefit of standard deduction should available. Moreover, you can claim deduction of Municipal Tax paid by you.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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30 April 2016 Claim one house self occupied and one as let out. Claim let out house on which you are paying higher interest. S.D. Deduction 30% and deduction on paid amount as Municipal tax will allowed for deduction.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Disclaimer - Before making any decisions do consult the experts. We do not take any responsibility for misrepresentation or interpretation of act or rules. Neither we nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.

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