Tax calculation in the case of two properties

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2014 Sir / Madam,

Please guide on this subject matter.

Mr X has two properties in Pune city. One house is self occupied and other one is let-out on rental basis of Rs. 150000 (PA). Mr. X has home loan benefit on both the properties.

Here assesses want to know the whether he will get the benefit of principle amount / interest amount on rent-out house or not.

Please suggest us the calculation for the same in both the case for calculation tax deduction.

Regards,

Lijo Philip

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 September 2014 you have not mentioned whether loan is on lop or sop as int will be for that house only

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2014 Sir, loan is for both the properties.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 September 2014 then actual int paid shall be allowed u/s 24

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2014 Here assesses want to know the whether he will get the benefit of "principle amount" on rent-out house or not. We have a simple query that whether he can avail benefit on both the proprieties an if yes then what all benefits ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 September 2014 on principle amount u/s 80C for loan repayment will be allowed

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