Interest on House Property

This query is : Resolved

Abhilash chandra (Querist)
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14 July 2011 Dear Sir,
I had filed ITR electronically of my client (female assessee) showing salary income, one flat's rent income & second flat's loss from house property.But i got assessment order in that order dept has not considered the interest amount. can an owner of 2 flats get the benefit of loss from house property? if yes please write the case law if any decided previously.
Illustration:
salary 290400/

add: Rent 42000/-

Total 332400/-
Less : Interest on loan
113865/-
Balance 218535/-
Savings 29427/-
Taxable income 189108/-
Tax NIL ( Female Assessee)

Sir, am i right ???pls advise

Ravikant

Ravikant (Expert)
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14 July 2011 One Let out Property : Rent Recd
One Self occupied : Interest paid

What you have done is correct and Legal.

It seems that there is error in assessment order,

Please File a Rectification letter under Section 154 to the Concerned IT Officer,, you will succeed , no case law is needed, just mention the facts,,

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 July 2011 Rectification may be filed electronically since original return is being e-filed.

Ravikant

Ravikant (Expert)
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14 July 2011 agreed,,,,,,

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