Income from house property
This query is : Resolved
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
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
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)
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- GST ITC REVERSE
- Fixe term employment
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- Section 50-fixed asset-->building ceases to exist
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- New GST registration for new place of business.
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
