My annual income from salary is Rs 13 L
Rental income after Std. deduction is Rs 1.5 L
Interest paid on Housing Loan is 3.8 L
Please suggest. How much amount is admissible for deduction under I T Act.
(1) Actual Rent paid Rs 3.8 L, or
(2) Rs 2.0 L and Rs 1.8 L will be CFL, or
(3) Rs 1.5 L upto the limit of Income from House property & rest amount of Rs 2.3 L will be CFL
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Deduction of interest on borrowed capital for purchasing a house property .
Replies (4)
3.5 lakhs in aggregate after deduction of Rs. 2L from other income. Rest 0.30 L will be CFL.
Hra there are other conditions to get benefit of deduction.
Thanks for your reply. But Iām unable to reach your point. Please explain in detail.
Fill schedule HP properly with interest claim in it. Net income from the schedule will be (-2.30L).
Rest utility will take care.
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