If an Individual is having Two House Properties one is self occupied & other is Let out bt vacant for entier 12 months in Previous Year
in such case what is the Gross Annual Value & Section 24 Deductions in case of Let out Property which is vacant for entier 12 months
whether asessee is entitled for interest deduction more than 150000/- in case of such property?
hi prashant,
if the house is vacant for a whole year, it is deemed to be letout.
GAV shall be lower of Std Rent and (amount higher of Municipal Value and Fair rent)
Assessee can get deduction of Municipal taxes if he have borne it as also Std Deduction of 30 %. And yes, he is entitled to interest on loan exemption of more than 1.5 lacs.
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