Saravana kumar (Tax Consultant) (170 Points)
19 July 2018Hello , Where to adjust the Interest portion of Self Occupied House Property u/s 24(b).
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160911 Points)
Replied 19 July 2018
ITR 2/3 ....Schedule HP.....
| (a) | Annual letable value or rent received or receivable (higher of the two, if let out for whole of the year, lower of the two if let out for part of the year) | 1a | |||
| (b) | The amount of rent which cannot be realized | 1b | |||
| (c) | Tax paid to local authorities | 1c | |||
| (d) | Total (1b + 1c) | 1d | |||
| (e) | Annual value (1a – 1d) (nil, if self -occupied etc. as per section 23(2)of the Act) | 1e | |||
| (f) | Annual value of the property owned (own percentage share x 1e) | 1f | |||
| (g) | 30% of 1f | 1g | |||
| (h) | Interest payable on borrowed capital | 1h | |||
| (i) | Total (1g + 1h) | 1i | |||
| (j) | Income from house property 1 (1f - 1i) | ||||
ITR 1....... Sr. no B2(v) of schedule 'Computation of Income & Tax'
Saravana kumar
(Tax Consultant)
(170 Points)
Replied 19 July 2018
Thank you Sir,
One more query sir,
Outstanding tax liability is showing in D5 as Rs.5761 including ( Tax + Cess ), but Sec-234 A/B/C is showing as "0", tax was not calculated,
How do i pay Interest ? Please guide me.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160911 Points)
Replied 19 July 2018
My Dear, interest would have been charged only if your tax liability had been Rs.10,000/-. or more.
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