Relating to deduction u/s 24(b).
This query is : Resolved
09 December 2013
the assessee is owner of 2houses(i.e.a&b). he took loan for the construction of house b only which is sop.. as per the provisions he can claim to the total of 150000 interest amount paid by him including pre-completion period interest. Query is: 1. can he claim this interest amount from his both house properties..?? 2. if interest amount exceeds 150000, is it possible to claim the excessive amount of interest from the other house..?!(i.e. deemed sop or lop).. Thank You in advance.
09 December 2013
1. He has to claim the interest against the NIL net annual value of the SOP
2. He has to show income from the other house property.
3. The income of SOP and Let out or deemed let out property can be merged. The Net Income from property is , thus becomes taxable. This may be a loss also.
4. Interest limit is Rs 150000/-. Excess can not be set off against other income.
.
2. He has to show income from the other house property.
3. The income of SOP and Let out or deemed let out property can be merged. The Net Income from property is , thus becomes taxable. This may be a loss also.
4. Interest limit is Rs 150000/-. Excess can not be set off against other income.
.
09 December 2013
Agreed with Paras Sir...
You can not claim interest more than 1,50,000 in respect of SOP. In case you have 2 sop then any one of them at your option needs to be declared as DLOP and pay tax on the same. in that case full interest in respect of DLOP will be allowed.
You can not claim interest more than 1,50,000 in respect of SOP. In case you have 2 sop then any one of them at your option needs to be declared as DLOP and pay tax on the same. in that case full interest in respect of DLOP will be allowed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
