I have 2 House Properties. One is Self Occupied and the other is Let Out. My Let Out Income is Rs. 1,20,000. I have to pay interest on borrowed capital for my self Occupied Property for Rs. 2 Lakhs... My Question is to what extent can they be set off.. I am also a salaried person
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House property income
Replies (4)
In my view your self occupied property will show loss of Rs. 150000 as deduction made for interest on borrowing and income as you said from let out property Rs. 120000 will get setoff by loss of self occupied property.Hence no income will come to HP head.
Further since you are a salaried employee.Your further loss of Rs. 30000 in HP head will be setoff against salary income.
Agree with Mr. Jain. Loss arising out of income from house property can be declared to your employer to reduce TDS deduction.
Dear Ishwar,
This will be caclucation of your total Income
| TOTAL INCOME CALCULATION | |||
| Particluar | Amount | Amount | |
| Income under the Head Salary (say 500,000) | 5,00,000.00 | ||
| Income under the head House property | |||
| I. SELF OCCUPIED | |||
| ANNUAL VALUE | - | ||
| Deduction U/S 24 (a) | |||
| Deduction U/S 24 (b) | (1,00,000.00) | ||
| Net chargible to Tax >> | a | (1,00,000.00) | |
| II. LET OUT | |||
| ANNUAL VALUE | 1,20,000.00 | ||
| Deduction U/S 24 (a) | (36,000.00) | ||
| Deduction U/S 24 (b) | (1,00,000.00) | ||
| Net Chargible to Tax >> | b | (16,000.00) | |
| Income chargible Under House Property | a+b | (1,16,000.00) | |
| Total Income Chargible to Tax>> | 3,84,000.00 |
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