Income from House property

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Elachi (Querist)
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02 April 2009 I m a owner of self occupied housing property purchase Value is Rs. 80,00,000/- on which i m paying Housing loan interest of Rs.750000/- p.a. but in my tax return i can take deduction of interest payment up to Rs.150000/- only. now suppose i purchase a small house with my own money and value of this new house is Rs.200000/- then which house i has to show as SOP and which i how to show as deemed to be let out and what is the treatment of Interest paid on Housing loan for my first house

Tushar Yerawar

Tushar Yerawar (Expert)
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02 April 2009 Do the benefit analysis.

For SOP interest will be allowed upto Rs.150000 whereas for deemed to be letout there is no limit for interet deduction.

If you show first house as deemed to be letout then you will get deduction of Rs.750000. However, you have to see the Annual value of frst house as same will be considered as income from House Property.

If Annual Value is less than Rs.8.5 lacs then Go for first houes as deemed to be letout else small house should be taken as deemed to be letout.

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