Good day
I have recently (Sep 2011) purchased an old house for which I have taken a housing loan wherein principal is 124248 and interest is 280722 for the current financial year. Since it is an old house I am renovating it for which I have taken a personal loan for which interest is 14841 and principal is 21311 for the current financial year. I am currently staying in my OWN flat for which I am paying property tax of 1410 per annum. The renovation for the purchased house will be completed by the end of this month. The property tax for the purchased house was already paid by the seller till the end of the financial year. I am planning to move out to the purchased house in May.
Can you please help me in computing the house property income for the current financial year.
Regards
Raj
CAclubindia
