IT on House Property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2011 Assessee owns a flat valued Rs. 15 lakhs in Kolkata, got transferred to Mumbai, where he owns another Flat on Navi Mumbai valued Rs. 60 lakhs. He however, stays in a rented premises in Mumbai near his office location, and rented both the owned flats. Kolkata flat earns a rent of Rs.6,000/- per month, Navi Mumbai flat earns a rent of Rs.12,000/- per month.

Please advise on the tax on HP in the above case.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)

25 June 2011 Assuming that flats are let out for 12 months
12*6000= 72000
12*12000= 144000
Total 216000
Deduct 30 per cent of 216000
balace wil be taxable
if anty loan is taken for const etc of such house then intt payable will be deducted from the balace
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2011 Does the assessee have any choice to select any of the owned houses as deemed for self accomodation, for which Annual value is NIL?

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