Housing loan interest on letout property for the part of the

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raja sekhar

Accounts Officer

48 Points Posted on 03 December 2012

i have availed a housing loan from a bank for Rs.60 lakhs. and i am paying loan istallement from february 2012 and i received my house completion certificate only in november 2012, and i imediately let it out to some tenant at RS.20000 per month.

my view is

can i show that 20000*5 =100000, as income from house property for year 2012 &12

and showing the interest of around 600000 of current year and apportined interest for 20000

i.e.total 620000 as loss from house property

then my income from house property is:::

wholly let out

rent received 100000

less: repairs @ 30% 30000

total income 70000

less: interest (620000)

loss from house property (5,50,000)

is this calculation correct.

please help me out if there are judgements supporting this,

or if any mistakes please let me know

waiting for ur valuable suggesions.

Replies (3)

Giridhar S Karandikar

Team Lead

5675 Points Posted on 03 December 2012

Interest paid for Feb12 & Mar12 will be deducted in 4 equal installments from F.Y. 2012-13. In your calculation you have not considered municipal taxes paid. AFter deducting MT from rent received 30% would be deducted from the balance & interest upto Rs 620000. You can claim this salary from your income under other heads such as salary or business.

raja sekhar

Accounts Officer

48 Points Posted on 05 December 2012

thanks giridhar.......

but can i claim interest for the whole year, by just showing rent of 4 months

Giridhar S Karandikar

Team Lead

5675 Points Posted on 05 December 2012

Yes you can claim interest for whole year, becasue you can take pre-acquistion interest paid only upto the end of the immediately preceeding F.Y. subsequent to which you got the possession. And as you have let-out the property so whole interest paid during f.y.2012-13 can be claimed as deduction.