Income from house property

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This query is : Resolved

mangesh dhumal (Querist)

05 November 2011 My director has three properties. One is residential and other two are commercial. The two commercial properties are let out to our company and he is getting rent of 880000/- p.a. for the same from our company. The residential property is financed by bank and at present he is paying interst amounting to 17 lacs p.a. Now he is planning to let out the residential property also and the proposed rental income for the same will be 80000/- for Dec,11 to Mar,12. He is getting 27 lacs salary p.a. and 14 lacs towards perks. Can he club the rental income from commercial & residential property and claim the loss from House property around 10 lacs to compensate against the salary income?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

05 November 2011 Yes, set off is possible as a corollary to section 71(2A) of the Income tax Act,1961.

Yogesh Agarwal

Yogesh Agarwal (Expert)

05 November 2011 Simply Yes since the income receiving is being chargeable in the same head of all three properties by you.. It could be possible even if you charge the income from commercial property under the head BP..

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