Hi,
I am living in Bangalore in rented house.
I have purchased house in Pune. But the house is vacant. Nobody staying there.
I am claiming home loan interest benefit.
I am also claiming HRA benefit as I stay in rented house.
Now I am thinking of Loss on house property benefit?
I am paying annual maintenace of 10k and propert tax of 12k.
Can I get benefit of this 22k ?
Thanks,
Ashish
According to sec 23 (2)(b) Where the property consists of a house or part of a house which can not be actually occupied by the owner by the reason of his employment , business or profession carried on at any other place and has to reside at other place in a building not belonging to him then ANNUAL VALUE of such house or part of house shall be deemed to be NIL if that property has not been let out and no other benefit has been taken from it.
(considering you are availing HRA am assuming that the above condition is satisfied)
So no you can not, further according to sec 24 , 30% of the annual value is allowed to be deducted for computing income from house property (whether you do repairs or whitewash or whatever , max. allowed is 30% of annual value, and in case of above mentioned property Annual value is deemed to be NIL .
ALSO taxes levied by ANY LOCAL AUTHORITY in respect of property shall be deducted in determining the annual value of that property in the previous year in which SUCH taxes has infact been PAID.
CAclubindia
