22 February 2010
yes, the assessee can take the benefit of the interest income. The calculation will be as follow: GAV : 99000 Corporation Tax: Nil NAV : 99000 Less: Deduction u/s 24 (a) 30% standard deduction : 29700 (b) Interest on borrowed capital : 215000
Loss on House Property 145700 which can be set off or carried forward.
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