abt house property

You have to calculate income from house property in the following manner.

The house is partly self occupied and partly let out.

The principal amount can be claimed as deduction u/s 80 C.

                                                      LET OUT                      SELF-OCCP.
Gross Annual Value                    36000                                       0
Less: Muncipal Taxes                   1157                                       0
                                                      ------------                             -----------
NET ANNUAL VALUE                  34843                                       0
Less : Std. Ded. @ 30%             10453                                        0
             Int.on Borrowed               39024                               39024
             capital  
                                                        -------------                          ------------
                                                        (14634)                             (39024)

INCOME FROM PROPERTY = -14634 + -39024
                                                  = -53658/-
PRINCIPAL SUM PAID CAN CE CLAIMED AS DED. U/S 80C AS ITS USED FOR RESIDENTIAL PURPOSE.                                                  

 Municipal Taxes to the extent of Let out will be allowed as nothing is mentioned regarding the area occupied it is considered as 50 - 50.

NOTE : Any mistake in my calculations and consideration are most welcomed.

Since the HP is constructed in the current year, will not the concept of interest pertaining to preconstruction period apply and only 1/5th will be allowed u/s 24(b)?

thanks sir..........

          The deduction of 1/5 of interest paid on money borrowed for construction  is allowed..
           Total interest for the equal deduction is calculated from the date of loan borrowed til the date of completion of construction or the end of relevant assessment year whichever is earlier.
           The above case will qualify for the equal ded.