Query in computing total income of individual.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 hi...an individual is drawing an salary income of 10,00,000 a year,he claims 80C deductions(i.e tuition fee and life insurance premium)..he owns two HP out of which one is self occupied property for which he pays EMI of RS.120000/year(principal portion RS.60000)and another is a let out property for which he pays EMI of RS.348000/Year (approx)(principal portion RS.70000)..my query is
1.for the let property can he claim the full amount of interest paid by him for the same property without any limit

2.can he claim municipal tax paid by him for both the properties

3.and 30% flat deduction u/s24 for let out property.

4.can he claim only RS.30000(interest for the self occupied property)as deduction u/s 24 for self occupied property??

5.he also claims 80C deduction for tuition fee of RS.70000,insurance premium of RS.35000 and principal repayment of housing loan but it is subject to a limit of RS.100000, can he claim this as a deduction under some other section of income tax act.
thanks for all....

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 March 2014 1. yes..he can claim full interest paid against loan for let out property

2. yes taxes shall be claimed for both properties. but you need to show them separately in the return against respective property

3. yes the flat deduction is available at 30%

4. the interest depending on when the loan was taken can be upto 1.5 lakhs (the limit was revised long ago) for self occupied property

5. no the claim shall be restricted to 1 lakhs.

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