House property
This query is : Resolved
27 June 2016
Assessee has given on rent the flat owned by him. The rent received is shown under the head Income From House Property. In this flat assessee has taken loan from financial institution. Will interest paid on this loan be shown as loss from house property and reduced from rent received. The balance amount will be offered for tax ?
27 June 2016
Yes interest on borrowed capital will be deducted from rent received. In addition 30% standard deduction for repairs will also be deducted.
27 June 2016
Yes the interest paid can be reduced from rental income and the balance amount offered for tax after allowable deductions.
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
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- NON- SUBMISSION OF LLP FORM 3
- TDS related Query_Liquidated Damages
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- What is provisional receipt number for generation of form 16A
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
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
