Tax calculation in the case of two properties

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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)

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)

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)

18 September 2014 on principle amount u/s 80C for loan repayment will be allowed

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