Income /loss from lent our house property

Vachaspati Dubey (Job) (47 Points)

22 May 2013  

 

Dear All,

 

I have one question which I am not able to understand. 

An employee in my company wants following deduction from his income from salary.

1.      He is having a house in Noida and he lives in Noida in another house in Noida on rent.

2.      He is claiming that he has rented out his property which he & his wife owns.

3.      He is claiming loss against house property (lent out) based on following calculation. 

  • He is getting a rent of Rs. 200000 for year.
  • He is paying interest Rs. 1500000/ for year for which he is providing certificate of banker.
  • Now he is claiming a loss against property of RS. 1500000-200000=1300000

Now my question is whether capping of Rs. 150000/ is applicable in this case or we can allow this loss in his salary income. Please suggest.