Income tax calculation

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21 Points Posted on 07 January 2014

I have question regarding income tax calculation. My friend is having income from salary 8 lacs \ year. He also has income from commercial property 1.44 lacs. He is having loan on commercial property for Rs.12.2 lacs, on which he is paying1.5 lacs as a interest. Can he deduct the loss of income from commercial property from the salary for income tax purpose

 

 

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On 07 January 2014 at 18:21 Report
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Article & CA FINAL
176 Points Posted on 07 January 2014
Yes he can deduct the interest.income.from. The house property... In The under head house property deduct standard deduction of 30% and interest of previous year.....he also.allowed deduction.of house loan.from.80c
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On 07 January 2014 at 19:10
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Article & CA FINAL
176 Points Posted on 07 January 2014
Mail me for further detail priyasheel @ ymail.com
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On 07 January 2014 at 19:13

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