Hi,
I have a LAP OD of 90 lakhs. My brother and father are coborrowers.
I get a rent of 28 lakhs on this OD account.
However there are expenses, maintenance, salaries paid on monthly basis
Besides approximately 11 lakhs of interest is paid annually.
What will be my tax liability in this scenario.
Rent received by you is taxable under IFHP. Interest paid over LAP loan is not entitled for deduction.
O P Bagla & Co LLP
New Delhi
CA Inter
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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CAclubindia
