Income From House Property Reg

197 views 4 replies

MEENA VIVEK

264 Points Joined May 2019

Dear Sir,
I Shall be very glad to have your suggestion for the following.
For A.Y 2021-22,My Income From House Property will be Rs.4165350/-(Gross rental income 62,00,500 Less Property Tax Rs.250000/- Less Standard deduction u/s 24(a) Rs.1785150)and income from other sources Rs.21,00,000/-.Thus the total income comes to Rs.62,65,350/-If Opt for New Rate without any exemption or deduction can I pay tax on the income as Above said after availing deduction in Property Income? or Have I to Compute tax taking into account entire rental income.Please Guide me shall I take Agriculture Income if any for Rate Purposes?.

Replies (4)

sabyasachi mukherjee

27992 Points Joined May 2017

@ meena
hv u paid advance tax..
pay immediately.
if provide such details.
if u want to claim exemption
you can avail the new scheme.

MEENA VIVEK

264 Points Joined May 2019

For My Above Query is A Y :2021-2022(31-03-2021)

Sujit Talukder

service

719 Points Joined June 2007

In case you wish to opt the new scheme of taxation under section 115BAC for AY 2021-22, then please note that you can claim all the admissible deduction for property tax and standard deduction as well as interest on borrowed capital for acquiring house property provided that the house property is actually let-out or deemed to be let-out. There is no restriction imposed by the newly inserted section 115BAC on this.
Hence your total income for AY 2021-22 will be Rs. 62,65,350 and computed rightly by you. You have to pay tax on this income of Rs. 62,65,350/- for AY 2021-22. Hope this clarifies.

Sujit Talukder

www.taxcorner.co.in

MEENA VIVEK

264 Points Joined May 2019

Thanks for your immediate response.
Please clarify whether deduction for housing loan interest u/s 24(b) of IT Act,in my view can not be claimed as you have pointed out.