Vijayaraghavan R (Employee) (63 Points)
27 June 2011For a self-occupied property the limit on interest paid that can be accomodated in loss on house property is 150000. For let out property it is not limited to any amount. What is the case of a partially let out property?
1. Can it be treated as full let out property?
2. Or is there any proportion to be made for the interest paid by dividing it for self occupied and let out. If so on what basis?
Thanks
vystem
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 27 June 2011
IN CASE OF PATIAL LET OUT PROPERTY BOTH LET OUT AND SELF OCCUPIED UNIT WILL BE TREATED SEPERATELY.
AND INTEREST WILL BE ALLOWED PROPORTIONATELY
CA AMANPREET SINGH
(Chartered Accountant)
(284 Points)
Replied 27 June 2011
If partially Let out part is a SEPARATE unit then both are to be treated differently.
otherwise Entire property will be DEEMED to be LET OUT.
Vijayaraghavan R
(Employee)
(63 Points)
Replied 28 June 2011
| Originally posted by : future ca | ||
 |
IN CASE OF PATIAL LET OUT PROPERTY BOTH LET OUT AND SELF OCCUPIED UNIT WILL BE TREATED SEPERATELY. AND INTEREST WILL BE ALLOWED PROPORTIONATELY |
 |
On what basis the proportionate is to be.. on the basis of area let out? If a room had been rented in a house and some part will be common to all. How the common area is to be treated?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 28 June 2011
| Originally posted by : Vijayaraghavan R | ||
|
|
On what basis the proportionate is to be.. on the basis of area let out? If a room had been rented in a house and some part will be common to all. How the common area is to be treated? |
|
Go with your original property papers ( registration instrument of flat), you will get the idea, what is common area and how its divided.
Vijayaraghavan R
(Employee)
(63 Points)
Replied 28 June 2011
| Originally posted by : U S Sharma | ||
|
|
Originally posted by : Vijayaraghavan R On what basis the proportionate is to be.. on the basis of area let out? If a room had been rented in a house and some part will be common to all. How the common area is to be treated? Go with your original property papers ( registration instrument of flat), you will get the idea, what is common area and how its divided. |
|
The common area refered here was the common area between the owner and the tenant within the flat/house. The answer looks like refering to the common area that is shared by residents of the aparment that consists of multiple flats. Please confirm.
Thanks
vystem.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 28 June 2011
if there are two separate units then it will be treated as different otherwise it will be treated as let-out...
CAclubindia
