Income from House property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2009 As per the provision of Income tax Act in case of let out residential property the loss due to interest on borrowed capital can be set off against the other income of an assessee including income from Salary without any limit.

is the benfit can be given by employer as in the case of self occuiped house.

regards

CA Mani

CA Mani (Expert)

28 December 2009 Yes it can be given but
if the self-occupied property is acquired or constructed or repaired from borrowed funds, interest payable on such funds upto Rs 1,50,000 per annum is allowed as deduction. Interest on borrowed capital for repairs is allowable as deduction upto Rs 30,000.

Arjuna Raina

Arjuna Raina (Expert)

28 December 2009 Yes,
As we know that losses of house property can be set off with any other incomes like income from salaries,PGBP Capital gains and other sources and can also be carry forward up to 8 years.
In case the property is Self occupied he can be allowed the deduction up to Rs 30000 and if the loan is taken after 1.4.1999 the deduction is allowed up to Rs 1,50,000 but the overall deduction cannot exceed Rs 1,50,000.

in case of loss from SO property he can also set off with other incomes

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2009 Mu query is for LET OUT property