House property vacancy

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2014 hi friends
my client have a house property which is vacant for the whole year.. can he claim deduction of whole interest paid i.e., around 3 lacs.. and he have 3 houses.. pls give me statutory compliance also

CA Surendra Bhatt (ACA,DISA)

CA Surendra Bhatt (ACA,DISA) (Expert)
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28 February 2014 Out of 3, House Properties, 2 shall be treated as deemed let out, for the purpose of Income Tax Act, 1961.

By considering Deemed Let out HP ( for which you have paid interest of Rs.3 Lacs), you can claim entire Interest u/s. 24.

CA Surendra Bhatt (ACA,DISA)

CA Surendra Bhatt (ACA,DISA) (Expert)
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Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2014 i heard that there is not concept such as deemed to be let out in IT act.. we have the concept of deemed to be self occupied.. so can you pls help on deemed to be let out if any with the provisions of IT act or case laws

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 March 2014 please refer sub-sections 2,3,4 of the Section 23 of the Income tax act 1961

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 March 2014 there is no concept of deemed to be self occupied but deemed to be let out.

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