Income from house property

This query is : Resolved

Saurabh (Querist)
Follow

07 December 2009 X owns a house property ;
1/2 of the portion is used by him for his professional purposes & the other unit is let out for residential purposes @ Rs.5000 p.m. ;

Municipal tax paid Rs.20000
Interest on borrowed capital Rs.60000

discuss tax implications? please help me out in this question

CA. Dhiraj Birla

CA. Dhiraj Birla (Expert)
Follow

08 December 2009 The whole property will be considered as if having two properties.

Part I - Used for business and profession, hence 1/2 of the Municipal taxes will be allowed as expenditure similar treatment will be given to interest.

Part II - will be taxed under HP as an independent unit and all provision of HP will apply accordingly... (take municipal taxes and Int. at 50%) (Conservative approach)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

nitin

sandhya.v

N.Chandrasekaran

MAHESHA RAMANNA

Akhilesh Chandra

Subscribe Now

Income from house property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant