Notional rent to claim tax benefit

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2012 Hi,
I bought a flat on loan in Nov 2010 and my parents stay there now. i stay in rented flat with my husband.
If the premises is left vacant / occupied by family, as per Section23 (1) (c), Notional Rental Income has to be arrived and then, the net loss has to be arrived.

I want to claim both HRA and loss from let out property.
The rent in that area is Rs. 10000 to 14000 per month. Can i declare notional rent = Rs. 1000 from my parents.
What is the municipal valuation of flat in Tilak Nagar Mumbai?

Thanks.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

03 January 2012 The house will be treated as self ocuppied and therefore nil will b the annual value out of which u can claim deduction from intt on borrowed capital if actually paid that will lead to loss fm HP.
u can claim HRA benefit also
CA MANOJ GUPTA
JODHPUR
09828510543

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

03 January 2012 23(1)(c) is not applicable because it is for a property let out and was vacant....
Self occupation also can't be claimed ,since parents are staying there in ,by virtue of Gujarat high court decision in Ms. Jashvidyaben C Metha Vs. CIT (1988) 172 ITR 680.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now