if rs. 45000 taken as loan for repairs of house and the house is let out for 3 months and for remaining is vacant.
treatment of loan ??
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House property
Replies (16)
and paid rs 4500 as interest in previous year
Question is unclear... Loan amount₹45,000& interest ₹4,5000 . . can you elaborate
Interest on loan borrowed for let out property is fully deductible..if ₹ 4,500 is pre-construction interest then it will be apportioned over 5 years
interest deduction for loan taken on repairs is not allowable
this loan should be treated as undeductible expensr
interest on loan taken for repairs allowable subject to a maximum of 30000
I think the loan from Private Finance...!?
private finance also allowed...
interest on loan taken for anything other than acquisition or construction is disallowed
standard deduction is for all these remaining stuff expenses(sec 24(1)) is 30% of net annual value
@ krishna Senthil pls refer section 24(b)
annual value;
23[b] where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section [2] of section 23, the amount of deduction shall not exceed thirty thousand rupees :
23[b] where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:
Provided that in respect of property referred to in sub-section [2] of section 23, the amount of deduction shall not exceed thirty thousand rupees :
two things
one
for HP if let out than all interest expense can be claimed as interest expense
two
for self oucupted limit of Rs 200000 and ₹ 30000 applicable
₹2 lacs for purchase and Construction
₹30000 for repair
one
for HP if let out than all interest expense can be claimed as interest expense
two
for self oucupted limit of Rs 200000 and ₹ 30000 applicable
₹2 lacs for purchase and Construction
₹30000 for repair
for letout HP,any change in the position in current FY. .?
some are saying that there is maximum cap of 2 lacs. for letout part also. pl clarify. .sandeep ji. .
some are saying that there is maximum cap of 2 lacs. for letout part also. pl clarify. .sandeep ji. .
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