House property
This query is : Resolved
17 September 2014
sir we are 2 brother we are taking loan to re construct our old house
we will partly let out our house, so what benefit we can avail in income tax on individual basis
we will earn rent from let out property so deduction on same
we will partly let out our house, so what benefit we can avail in income tax on individual basis
we will earn rent from let out property so deduction on same
17 September 2014
int on loan paid shall be allowed as deduction u/s 24 and also principle repayment shall be allowed u/s 80C
Message likes :
1 times
17 September 2014
1. we both can take deduction of interest amount (50% by me and 50% by my brother
2. whole interest or according to area of let out property
2. whole interest or according to area of let out property
17 September 2014
int allowed in proportion of loan taken on paper.
17 September 2014
An agreement should be made in writing to avoid confusion & separate transaction to be made through bank a/c of individual.
Thanks
Thanks
17 September 2014
sir i am asking that if 50% house is let out and 50% is self occupied so i will get deduction on which amount
Ex interest P.a. is 1000000
Ex interest P.a. is 1000000
17 September 2014
dear Vaibhav sir please explain your words
17 September 2014
Hi
I mean when asset is is occupied jointly, then all transaction which you make should be from your own a/c & not from joint a/c to claim benefits, also an agreement to be made mentioning share of each individual & amount contributed by each of you.
Thanks
I mean when asset is is occupied jointly, then all transaction which you make should be from your own a/c & not from joint a/c to claim benefits, also an agreement to be made mentioning share of each individual & amount contributed by each of you.
Thanks
17 September 2014
Hi
If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-
Thanks
If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-
Thanks
17 September 2014
Hi
If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-
Thanks
If you have 50% ownership in property then you are eligible to claim 50% of Interest amount, i.e. Rs. 500,000/-
Thanks
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