If a assessee incurred 320000 as interest on housing loan for construction of house of which certain portion is self-occupied and certain portion is letout. what is tax treatment of interest on housing loan and how to get more benefit from interest on housing loan in tax planning.
Menu
Housing loan interest treatment
Replies (4)
Self occupied portion and let out portion shall be deemed to be different units....
Interest is to be apportioned between both units
Interest is to be apportioned between both units
Thank you for reponding but what is the basis of apportion if assessee have 3 room set on ground floor (self occuiped) and 2 room set on first floor (let out)
First split the construction cost based on sq ft.
Then apportion the loan amount based on construction cost for two portions
Based on above loan amount split the interest
SPILIT ON THE BASIS OF CARPET AREA
Recent Topics :
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
Related Topics :
CAclubindia
