housing loan

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krishan kant (Querist)

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

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)

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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

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

krishan kant

krishan kant (Querist)

03 February 2010

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