Income from house property & int.

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I have one client and who has income from general commisson and also income from house property.

My question regarding Income from HP. Rent recd. from self. occupied HP of Rs.10000/P.M and Int. on House Building Loan Rs.4500 and House Building Loan Principle amount has Rs.67000.

Now Int. on Loan of Rs.4500 he can claim u/s 24 as loss on house property. But in what way he will show income of Rent Recd. of Rs.120000/-(Rs.10000*12) and will he eligible for deduction of princilpe loan amout of Rs.67000/- in 80C.

I have to file return in IT4 as Individual Person. Already he has eligibility deduction of Rs.90000/- for LIC premium (including Rs.50000/- for wife).

Need solution urgently.

Thanks in Advance.

Replies (2)

Claim all the interest u/s 24 ( Show GAV = 1,20,000 standard deduction = 36,000 deduction u/s 24b = 45,00) 

total income from HP = 1,20,000-36,000-4500 =79,500

U  can claim deduction of prencipal amount repayment only 10,000 ( As allowed only 1,00,000)

Thanks Mr. Jha

But need to have clear. His Rent recd. from HP belong to Panchyat area and not municipal area. So standard deduction 30% is eligible or not?

Second think How he can claim of Rs.10000/- as repayment for princilpe amount. please revert.


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