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Loss from house property

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 August 2013 I have 2 properties:

First one is Self Occupied Property (No loan taken)

Second property is LOP for which I Receive Rent of Rs.240000 p.a and have taken on Loan and pay interest upto 6 Lacs P.a.
My query is Can I set off this Interest Loss against my Salary Income

For Example

Rent received 240000/-
Less: Std Ded@30% -72000/-
Less: Interest paid -600000/-

Loss from house property (I) -432000/-

Salary Income (assume) (II) 1000000/-

Total Income (I) + (II) 568000/-

Is it correct?

Pls reply
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 August 2013 Yes It is correct. Only thing you have to compare is the fair rent, and municipal rent valuation of the property.
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