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Income from House Property

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Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2010 I am working in a ltd company. In my company one employee has purchased two houses, similarly he was taken loans also separated. Now he wants purchase another house and also wants to be taken housing loan. My query is how many houses / housing loans should consider in tax computation for set off loss / income from housing property. But only two houses details place provision in ITRS. So pl give me explanation on this query

G. Raja Sekhar

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

28 August 2010 Only one house can be treated as self occupied under Income tax, others are to be treated as let out or deemed to be letout. so Self occupied interest Rs.1.50 lakhs can be taken one house other houses can be treated as let out and interest will be allowed as actuals

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