Income from house property
This query is : Resolved
23 December 2011
Mr. A and Mrs B (Husband & Wife) have home lone 37,00,000 /- (jointly 50 % Each) during f. y. 2011 - 12 interest Rs. 4,12,000 and principle is 77,037 /- ,this property is occupied for own residence.
what is the tax inpact on Mr. A (income 6,00,000) and Mrs. B (income 5,00,000 /-)I-Tax U/S 80 C and Income from House Property.
Are they take 50 % each of Interest under income from house property and U/S 80 C of Principle amount.&
what is the tax inpact on Mr. A (income 6,00,000) and Mrs. B (income 5,00,000 /-)I-Tax U/S 80 C and Income from House Property.
Are they take 50 % each of Interest under income from house property and U/S 80 C of Principle amount.&
CA. RAGHAV GARG
(Expert)
25 December 2011
Out of Rs. 77,037/- person who have paid such income can claim deduction under Sec 80C
However as far as Interest is concerned, Deduction of rs 150,00o is available to both seperately.
i.e. that jointly will take Rs 300,000 as deduction or negative house proerty income u/s 24
However as far as Interest is concerned, Deduction of rs 150,00o is available to both seperately.
i.e. that jointly will take Rs 300,000 as deduction or negative house proerty income u/s 24
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