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income from house property

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2010 what is the tax decduction allowed under sec 24?
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Sohil Ganeriwala

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Sohil Ganeriwala (Expert)
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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