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IT : loss under house loan

Tax queries 241 views 3 replies

Hi,

If a house is Vacant because of the unavailability of tenants, then is it a loss according to IT? Can I claim that under 2L limit.

For ex, I have paid 1.7L of interest on house loan. Still am I eligible to claim remaining 30K as loss, as I didnt have any rent/income from the property.

Thanks

Replies (3)

Whatever interest you paid on house loan can be claimed as deduction from income. If interest paid is only Rs.1.7 lacs, then deduction shall be limited to Rs.1.7 lacs only (not 2 lacs).

If Rent is considered as Income, then no rent should be a loss right? I read in some forums, but confused.

 

If the house is vacant through out the year, then with nominal 2K per month as rent, can i claim 24K as the loss?? 

 

Which would make total deduction as 1.7L interest on loan + 24K loss? 

 

Is this not correct?

If rental income is received, then tax is paid on such income. If income itself is not received, then no tax is payable. Since there is no rental income, you can claim only the interest on loan as deduction which results in loss from house property.


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