Income from house property
This query is : Resolved
18 May 2012
our client owning three houses.one house is situated in Hyderabad and other are situated in Vizag.Hyderabad is self occupied and other two are let out during the PY 2010-11.And because of some reasons one house out of those which are let outed in Vizag was kept vacant in PY 2011-12 throughout the year.So my query is that;
1.How can we treat this House whether let out or self occupied or deemed to be let out?
2.What is the Gross annual value
3.Can we claim municipal taxes
4.Can we claim interest on borrowed capital if so, what is the amount (I mean 1,50,000 or any amount.
Early reply will be appreciated
1.How can we treat this House whether let out or self occupied or deemed to be let out?
2.What is the Gross annual value
3.Can we claim municipal taxes
4.Can we claim interest on borrowed capital if so, what is the amount (I mean 1,50,000 or any amount.
Early reply will be appreciated
18 May 2012
The house that was vacant throughout shall be deemed to be let out.
Municipal taxes can be claimed.
Interest on loan shall be allowed as deduction without any limit.
Municipal taxes can be claimed.
Interest on loan shall be allowed as deduction without any limit.
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