Interest on House Property
This query is : Resolved
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
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
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,,
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,,
14 July 2011
Rectification may be filed electronically since original return is being e-filed.
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