TDS ON DEEMED LET OUT
This query is : Resolved
19 March 2008
SHOULD THE EMPLOYER CONSIDER INTEREST ON HOUSING LOAN FOR DEDUCTION FROM SALARY INCOME FOR THE PURPOSE OF TDS ON A HOUSE PROPERTY SITUATED AT A PLACE OTHER THAN THE PLACE OF EMPLOYMENT?
IN THE EVENT YES, SHOULD THE DEEMED INCOME FROM HOUSE PROPERTY SHOULD ALSO BE CONSIDERED BY EMPLOYER (WHICH MAY ALSO RESULT IN SURPLUS INCOME FROM HOUSE PROPERTY)
WILL THE ANSWER BE ANY DIFFERENT IN CASE SUCH HOUSE PROPERTY IS OCCUPIED BY PARENT/RELATIVES OF THE ASSESSEE IN HIS NATIVE PLACE/USUAL PLACE OF RESIDENCE?
IN THE EVENT YES, SHOULD THE DEEMED INCOME FROM HOUSE PROPERTY SHOULD ALSO BE CONSIDERED BY EMPLOYER (WHICH MAY ALSO RESULT IN SURPLUS INCOME FROM HOUSE PROPERTY)
WILL THE ANSWER BE ANY DIFFERENT IN CASE SUCH HOUSE PROPERTY IS OCCUPIED BY PARENT/RELATIVES OF THE ASSESSEE IN HIS NATIVE PLACE/USUAL PLACE OF RESIDENCE?
19 March 2008
If it is self employed, Gross Annual Value will be Nil.
There fore the entire deduction of interest can be claimed.
In respect of deemed let out property, the interest can be claimed as a deuction from the estimated revenue
There fore the entire deduction of interest can be claimed.
In respect of deemed let out property, the interest can be claimed as a deuction from the estimated revenue
19 March 2008
IN CASE OF SELF OCCUPIED PROPERTY, ANNUAL VALUE IS NIL.YOU CAN CLAIM DEDUCTION OF INTEREST ON HOUSING LOAN.BUT YOU CANNOT CLAIM 30% STD. DEDUCTION AND PROPERTY TAX ANNUAL VALUE BEING ZERO.
SO THE EMPLOYER CAN CONSIDER THE APPLICABLE DEDUCTIONS STATED ABOVE AND DEDUCT TDS ACCORDINGLY.
IF THE PROPERTY IS OCCUPIED BY PARENTS/RELATIVES AS IT IS AWAY FROM PLACE OF EMPLOYEMNT ,STILL THE DEDUCTIONS CAN BE CLAIMED .
EVEN HRA CAN ALSO BE CLAIMED IN SUCH A CASE.
R.V.RAO
IN CASE OF SELF OCCUPIED PROPERTY, ANNUAL VALUE IS NIL.YOU CAN CLAIM DEDUCTION OF INTEREST ON HOUSING LOAN.BUT YOU CANNOT CLAIM 30% STD. DEDUCTION AND PROPERTY TAX ANNUAL VALUE BEING ZERO.
SO THE EMPLOYER CAN CONSIDER THE APPLICABLE DEDUCTIONS STATED ABOVE AND DEDUCT TDS ACCORDINGLY.
IF THE PROPERTY IS OCCUPIED BY PARENTS/RELATIVES AS IT IS AWAY FROM PLACE OF EMPLOYEMNT ,STILL THE DEDUCTIONS CAN BE CLAIMED .
EVEN HRA CAN ALSO BE CLAIMED IN SUCH A CASE.
R.V.RAO
20 March 2008
sir please calrify that if the house property is occupied by parents/relatives due to employment outside the situation of property both hra and interest deduction of rs.1.50 lacs can be claimed as self occupied and the employer would be correct in considering that negative income for the purpose of tds.if yes pl cite the section /provisio etc
20 March 2008
The property constructed shall be taken as self occupied property provided u do not have any other self property. Hence no income.
However, if this be ur second property than it would be taken as deemed to be let out and income shall be included in ur total income.
However, if this be ur second property than it would be taken as deemed to be let out and income shall be included in ur total income.
20 March 2008
The property constructed shall be taken as self occupied property provided u do not have any other self property. Hence no income.
However, if this be ur second property than it would be taken as deemed to be let out and income shall be included in ur total income.
However, if this be ur second property than it would be taken as deemed to be let out and income shall be included in ur total income.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
