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Income tax treatment on house income

Tax queries 207 views 3 replies

Dear All,

I've the following Income Tax query on Income from let out property. Below are the facts of the case.

I'm a salaried person, I own a property in Navi Mumbai (self occupied) and have a loan on the same and take deduction of Rs. 2 lakhs on interest paid on such home loan.

Now in this FY 2017 - 18 I have taken another property in Pune and have let it out.

My queries are:

1. If I show the rental income in my return (apart from salary), can I take the Loss on House Property on new let our property (one at Pune)? I understand from AY 2017-18 the loss on house property is allowed upto a max of Rs. 2 lakhs only. Please clarify/confirm.

2. Can I continue to avail the tax benefit of Rs. 2 lakhs from my self occupied property

3. Can I get tax benefit from both the above points (aggregating Rs. 400000).

Thanks in advance for the reply.

Regards,

Mayank Kumar

Replies (3)
max. 2 lakhs exmption is allowed ony for self occupied after fulfilling 4 conditions you r eligible to claim max deduction of 2 lakh
query no. 2 yes u r eligible to claim deduction of 2 lac after fulfllng 4 conditons
query 3 u r not eligible to take decduction of 2 lakh for the let out house property so in this case u r elible only for the 2 lakhs exmption u/s 24 (b)


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