Dear Experts,
Please help clarify the following:
1 have two self owned residential properties - one in the city where i work (H1) and other is in a different city (H2). H2 is let out for 10 months in FY2011-2012 and I am reporting rental income for it . I bought H1 in Feb 2012 (with bank loan) and before that I was staying in rented accomodation. (I am not paying any wealth tax as one house is self occupied and other is let out for > 300 days).
1) For purpose of IT filing, I am deducting the interest on loan for H1 and muncipal taxes paid on H2 from H2 rental income and then deducting 30% standard deduction to get net income from house. Is that correct?
2) Before buying H1, i was staying in rented accomodation. I was paying monthly rent by cheque but there is no lease agreement with the landlord, only agreement via email on terms and conditions. Can I claim deduction for house rent paid by me under section 80 GG? My salary is tax free and I do not get HRA. For two months, my father paid the rent - can i calim that under my deduction or can he claim it?
3) If I claim deduction under section 80 GG, where and when do I file form 10AB?
4) There is additional income tax payable by me for AY2012-13. Should I pay this first and then submit online ITR (efiling)? Will this be called as "self assessment tax"?
CAclubindia
