Menu
Income from House Property.
If I have Shown a Property as let out in my IT return with GAV as Nil , since it has not been given on Rent. So can I claim Interest Deduction u/s 24 ?
Replies (2)
if you are using more than 1 property then one property of your choice needs to be shown as SOP and other one as deemed to be let out Notional rent needs to be shown as income . against this you can claim deduction of municipal taxes and on balance claim 30%STD ded
Till FY 2018-19 if you don't have SELF Occupied house property you can claim Deduction U/S 24 (A vacant house property is considered as self-occupied for the purpose of Income Tax).
if more than one self-occupied house property is owned by the taxpayer, only one is considered and treated as a self-occupied property and the remaining are assumed to be let out.
For the FY 2019-20 and onwards, the benefit of considering the houses as self-occupied has been extended to 2 houses. Now, a homeowner can claim his 2 properties as self-occupied and remaining house as let out for Income tax purposes
Recent Topic
- Section 54F exemption for buying a plot
- My client missed to file ITR 3 for AY 25-26
- Subscription/Membership fees
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
Related Topics
CAclubindia
