Notional rent to claim tax benefit

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)
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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
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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