Income from house property
This query is : Resolved
10 October 2011
My director is having two properties. One is commercial and the other is residential. the commercial property is let out to our company and our company is paying rent of Rs.9,00,000/- p.a. The residential property is financed by bank and currently self occupied. However on the said housing loan he is paying interest to the extent of 17 lacs p.a., on the contrary only Rs.1.5 lacs is claimed for deduction. If the director let out the same residential property to our company then can he club the proposed rental income with rental income from commercial property and adjust the full amount of housing loan interest under the income from house property ?
10 October 2011
Yes, very munch possible.
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