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Income tax calculation

Tax queries 293 views 2 replies

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

 

 

Replies (2)
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
Mail me for further detail priyasheel @ ymail.com


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