My Company Directors are having purchase 2 properties
1. New Residential property in January, 2008
2. Office Property in March, 2008
They occupied the newly constructed house property in January 2008, till then they were residing in old house for 9 months. Old house remained vacant for 3 months.(i.e. Jan, feb & March 2008). Both the houses on Loan for which interest is paid.
They also jointly purchased a office property in Feb 2008 and paid only 1 month society maintenace. The property remained vacant and there is no loan or interest payment.
Can someone please guide me how to compute the house/office property income ?
Regards,
Valerian D'Souza
Manager Accounts
CAclubindia
