according to the act:
ASSESSEE must be the:
the person who owns the building need not also be the owner of the land upon which it stands.
SO,
he pays tax under the head income from house property
AS he pays the tax on his income
he can claim deduction also like repairs ,,
is the interest deduction is also allowed to him
if it is allowed wHat type of documents are to be submitted to the department
can anyone answer me with an example
thanks in advance
i m not getting yr point.......plz elobrate
as the person is not owning the land on which the building stands
but he is liable to pay the tax
it is the main point to understand
my doubt is interest on housing loan is allowed to him or not?
if loan is taken for construction, repair, rennovation of building ..then interest on such loan is allowed as deduction....owing of land is not the concept to be focused on....what important is u owned a house propery for which u have taken a loan and u r repaying it....
BUT HE CAN 'T CLAIM REPAIRS EXPS AS SEPERATELY FROM THE INOME OFHOUSE PROPERTY, BECAUSE U/S 24 ALLREADY 30% STANARD DEDUCTION IS ALLOWING TO ASSESSEE , HE CAN'T CLAIM EXPS SEPERATELY AGAIN ,
Friends....
Any amount borrowed for the purpose of Purchase,Construction, repair, renovation or reconstruction of HP - interest is allowed....
Murali and Sumeet Chartered Accountant
Bengaluru
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