House property tax
This query is : Resolved
Prateek Maheshwari
(Querist)
06 December 2011
I have two houses in noida one house is self occupied and one on rent during the previous year i have recieved rent only for 5 months because the house was on rent only for 5 months which amounted Rs.20000. Interest paid on such house is Rs.200000. please explain the taxability
CA PARAS BAFNA
(Expert)
06 December 2011
You can Show Rental Income and claim 200000
, full year's interest as deduction. Loss arising due to this can be set off against income of the same previous year.
.
You have to show the rental income on the basis of certain criteria like, Fair Rent, or Municipal Valuation or Standard Rent, in case applicable. From such expected rent if rent shown on annual basis is less than the expected Rent on annual basis
, full year's interest as deduction. Loss arising due to this can be set off against income of the same previous year.
.
You have to show the rental income on the basis of certain criteria like, Fair Rent, or Municipal Valuation or Standard Rent, in case applicable. From such expected rent if rent shown on annual basis is less than the expected Rent on annual basis
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