Let out house property

This query is : Resolved

rajesh (Querist)
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14 July 2013 while filing IT Returns, suppose we mention House property as let out.

We are getting deduction u/s 24 for interest paid on Loan - there is no maximum limit.

however is it compulsory to show the Rent income in the sources of income while working total income.

kindly confirm

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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14 July 2013 Yes whether or not its letout, if assessee has more one house. Gross Annual Rent will be actual rent/rent of similar property/rent decided by local authority which ever is higher

rajesh

rajesh (Querist)
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14 July 2013 thanks for the reply. however in this case, assesse has only one house property. but he is using rent free accommodation at a relatives house. thus there is only 1 house property.

please guide me what to do in such case.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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14 July 2013
logically he can't claim deduction more one time he has to sacrifice one option which is more beneficial to him either in HRA or Self occupied house property.

However its possible for assessee to show some reasonable cash rental income on house property to get both deductions, if interest amt is soo high

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