an assess have 3 houseproperty
one is self and the remaining two is purchased via home loan
and he show in his previous ITR ONLY LETOUT PROPERTY AND CLAIME AGGRGATE INTTERST DEDUCTION OF HOME LOAN
NOW IN CURRENT YEAR HOW TO FILL HIS ITR BECAUSE AS PER LAW LETOUT ME RENT AAYEGA BUT USNE AISI KOI DETAIL NHI DI OR NA HI PREVIOUR ITR ME BHARI HE
Menu
income tax return
Replies (1)
in my opinion there is is no limit of interest deduction for let out property , however in the above case only LOP is shown in return and full interest had been claimed.
If the interest claimed for self occupied portion which is included in aggregate interest claimed is less than 2 lac , there will be no impact on tax liability, since there is always loss under SOP.
If it exceeds 2 lacs , then a notice under section 148 can be issued for excess claim for last year if assessing officer has the information about interest on loan of SOP .
Hence it is suggested to show SOP & LOP separately.
If the interest claimed for self occupied portion which is included in aggregate interest claimed is less than 2 lac , there will be no impact on tax liability, since there is always loss under SOP.
If it exceeds 2 lacs , then a notice under section 148 can be issued for excess claim for last year if assessing officer has the information about interest on loan of SOP .
Hence it is suggested to show SOP & LOP separately.
Recent Topics :
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
- Taxation of Gift - Father to Daughter
- TDS on Property Purchased above 50lakh
- Accounting Treatment in Tally for Restaurant Sales
- Form 146 required
- Rule 86(B) Applicability
Related Topics :
CAclubindia
