Respected All,
One of my client have constructed G+3 Residential House which around to 1 Cr. For that he taken housing loan of Rs.50 Lakhs. The Interest Paid for FY 2015-16 is around Rs.365000/- . The Part of the property is used for her Residential and Commercial Purpose and Part of the property is Let out and Received Rs.16000/- pm rent. i.e. Rs.192000/- anual.
He is having Business T/o of around 2 Cr.
So at the time of return filing the Interest on Housing loan to be considered
1. Fully SOP
or
2. Partly SOP and Partly LOP
Alos The Business is in nature of providing the labour to D'Mart. So in such nature of business how much NP is to be Shown
Request you to please give your opinion.
Regards,
Saumit
CAclubindia
