Income from house property

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mangesh dhumal (Querist)
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08 November 2011 My friend has three residential properties viz a,b & c. He has taken housing loan to purchase property viz c. The other two properties are free and let out. If he is residing in property viz c then can he compensate the interest on housing loan against the rental income from property a & b? If so then upto what amount and can he claim principal repayment of housing loan u/s 80 c ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 November 2011 As property C is his self occupied property, which is taken against a housing loan, interest up to 1.50lacs can be claimed in a AY by him.
.
Interest can be set off agaist income from other let out properties.
.

For Principal repayment -he may avail deduction up to Rs. 1.00 on payment basis.
.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 November 2011 if he is living in C then he can claim only 1.5 lac interest amount as deduction. yes, he can add other property income for this deduction.
he can claim 1 lac in 80 C if there is no other investment.

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