housing loan
This query is : Resolved
18 January 2010
dear all
if my income form let out property (house) is 500000 P.A. and housing loan interest is 650000 and principal is 154670. pls tell me what is my total income form house property.
tell me as soon as possible
thanks
if my income form let out property (house) is 500000 P.A. and housing loan interest is 650000 and principal is 154670. pls tell me what is my total income form house property.
tell me as soon as possible
thanks
18 January 2010
Considering your gross income from house property is Rs. 5 lakh, your income/loss from house property shall be arrived after considering the following deductions from gross receipts :
1. Municipal Taxes actually paid - Sec 24
2. 30% of gross annual value (for repairs & maintenance)- Sec 24
3. Int. on borrowed capital (full)- Sec 24
4. Principal repayment on borrowed capital - subject to overall limit of Rs. 1 lakh u/s 80C.
1. Municipal Taxes actually paid - Sec 24
2. 30% of gross annual value (for repairs & maintenance)- Sec 24
3. Int. on borrowed capital (full)- Sec 24
4. Principal repayment on borrowed capital - subject to overall limit of Rs. 1 lakh u/s 80C.
18 January 2010
Out of Rs.500000 Rental income you can claim interest fully U/s/24 and Housing interest can be claimed U/s/80C Maximum Limit of Rs.100000
03 February 2010
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- LIABILITY ADJUSTMENT
- IT returns for fresh job holders
- Housing Society-ITR5
- NRI INSURANCE ADVISOR
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
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
