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Guest

Guest (Querist)

25 August 2012 good afternoon experts
my freind from uttarakhand ( kashipur)
he taken a home loan.he does lived in this house.his emi is 30000 (25000+5000) .sir i don"t know municiple value and gav plz sir help
plz tell me my calculation is right or wrong
rent received=(7000*12)= 84000
30% of standrad deduction=84000*30/100)=25200
interest on borrowed capital=105000
than total taxable income=84000-25200-105000=-46200. please tell me that my calculation in right or wrong.

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)

26 August 2012 what is the interest component in EMI?

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)

27 August 2012 Fundamental is Ok...

Ensure the Municipal Tax payment too...

Guest

Guest (Querist)

28 August 2012 BUT SIR IN CASE OF VALUE CAME IN MINES (- 46200). THAN YET I WILL SHOW IT INCOME FROM OTHER SOURCES

Naresh Dharia F.C.A.

Naresh Dharia F.C.A. (Expert)

28 August 2012 Let me state that the Income from House Property cannot be taxable as Income from other Sources. Rather it is taxable under this head...Income from house Property. Hence u r elegible to claim the deduction u/s 24.
Further, even if the values is (-)ve, it will be set off...

Ok

Guest

Guest (Querist)

29 August 2012 YES SIR I KNOW THAT I CAN TAKE DEDUCTION OF INTEREST OF HOME LOAN U/S 24 UPTO 1.50 LAKH. BUT SIR I GAVE THAT HOUSE IN RENT . THAN I AM CALCULATING MY TAX IN INCOME FROM OTHER SOURCES.AFTER CALCULATION IT COME IN - 46200.THAN I AM JUST ASK THAT WHAT HAPPEN IN THIS CASE

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)

29 August 2012 find out the fair rent (Market rent) for that house. when house is let out entire interest is allowed and it should be shown as loss from house property.

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