House property

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57 Points Posted on 16 October 2020
Can interest paid on house loan from self occupied property be adjusted against rental income from second let out house property?
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On 16 October 2020 at 15:16 Report
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This discussion clarifies how to calculate income from house property when you have both a self-occupied and a let-out property. It explains that interest paid on a loan for your self-occupied home can be claimed under Section 24, while principal repayment is eligible for deduction under Section 80C. You should compute the income for each property separately before totalling your overall house property income.

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11 Points Posted on 16 October 2020
If loan paid only self occupied property then you can not utilised loan amount on second let out property.
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On 16 October 2020 at 15:31
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57 Points Posted on 16 October 2020
My query is in r/o calculation of income from house property wherein first house is self occupied and second house is let out and interest on loan is paid for first house but no loan taken for second house.
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On 16 October 2020 at 19:16
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Tax consultant
5895 Points Posted on 16 October 2020
Computation made separately as per the act
rental as per standard deduction
self occupied as per your interest and the
principal will as per 80C
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On 16 October 2020 at 19:24
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493 Points Posted on 16 October 2020
Don't be worry just compute the income of both houses and mention interest paid in sec 24 and principal amount under sec 80C
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On 16 October 2020 at 20:11
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61 Points Posted on 17 October 2020
You calculate income separately house 1 and house 2 in house property shedule and in sop loan you claim in this hose and show income of let out house in let out property afterwards you total house property income will calculated as house property income.
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On 17 October 2020 at 11:39

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