Income from house property

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m sreenivasa rao (Querist)
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07 June 2013 Sir, My wife employed in Public Sector u/t is having three residential buildings in her name in the same town, which are all let out. She is staying with me in my own house. During 2012-13 she repaid HL availed from her office Principal:Rs.178327/- and int.Rs.69,843/-.She availed another HL during the same year and repaid Principal:Rs.27813/- and Int.Rs.117602/-.(for 2013-14 the repayments will be Rs.59357/- towards principal and Rs.202819/- towards int.)How to show the income/loss on house property for the years 2012-12 and 2013-14.

TKKKKKK

TKKKKKK (Expert)
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07 June 2013 for 12-13 show three houses' rent income less municipal taxes paid less standard deduction at 30% less 69843 interest. similar treatment for 13-14. Your wife can get deduction of 117602 interest.She can also avail deduction u/s 80c for loan principal repayment upto 100000

CA Kapil Verma

CA Kapil Verma (Expert)
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07 June 2013 principal repayment will be deducted under 80C subject to ceiling limit of 1 lac.

and interest will be deducted in Section 24(b)

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