construction of house is started in 2007 and completed and handed over by builder in october 2013, 3 months is taken for woodwork, electrical etc. So far no tenant at all .Notional Rental income is 25000 per month. can you please tell me the tax treat???
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How to tax income from house property
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assuming it is the only property owned by the assessee, the property will be termed self occupied and its NAV will be NIL. if there is any loan on such property, pre construction intt will be allowed in 5 equal instalments and post construction intt will be allowed to amt actually paid as deduction under 24b to a max. upto 150000. principal will be allowed as deduction under 80c upto max. 1lac.
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