Let out property deduction u/s24

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Sr. Manager Payroll Operations
33 Points Posted on 07 October 2016

Hi,

Whether employer can allow deduction on Loss on house property(Let out) while computing tax on salaried income?

 

Regards,

LIngappa

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On 07 October 2016 at 16:08 Report
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Tax Consultant
348 Points Posted on 07 October 2016

Yes Employer can adjust loss from house property from employees salary income provided a statement of loss from house property has been furnished by the employee (as per rule 26B) but loss from any other source can not be adjusted.

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On 07 October 2016 at 16:51
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Sr. Manager Payroll Operations
33 Points Posted on 17 October 2016

Thank you so much.

Regards,

Lingappa

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On 17 October 2016 at 22:34
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Chartered Accountant
1693 Points Posted on 19 October 2016

Hello,

Agree with saurabh

As section 192(2B)does not make any distinction between Self Occupied House and Let out house, if the property is Self occupied the Loss should be restricted to Rs.2,00,000/- and in case of let out House there is no restriction.There is no restriction that the Loss should be restricted to one House only.
 

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On 19 October 2016 at 16:55

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