Pawan Mittal (CA Final) (702 Points)
17 July 2012I have a house property. Ground floor is occupied by me and the first floor is let out. I pay interest on housing loan Rs. 339000 per annum. How can I claim deduction? Please clarify.
CA.Anupriya Agarwal
(Practising CA)
(110 Points)
Replied 17 July 2012
You have to make two calculations : one for house property and other for self occupied and ve to divide the ineterst equally subject to Rs.150000/-
Correct me if i am wrong.
Pawan Mittal
(CA Final)
(702 Points)
Replied 17 July 2012
Annual value of self occupied portion is Nil and Annual Value of Let out portion is 500000. Now tell me the taxable income from house property.
Pawan Mittal
(CA Final)
(702 Points)
Replied 17 July 2012
Thank u Miss Anupriya for your answer. But I have recently gone through "Sinhania Book" and I have come to a conclusion that Rs. 339000 will be divided into two equal parts i.e. Rs. 169500 each. In Self occupied unit deduction will be restricted to Rs.150000 and in let out property 169500 will be allowed as a deduction.
Therefore out of Rs. 339000 only 150000 + 169500 = Rs. 319500 will be allowed as deduction under section 24(b).
Mihir Manohar
(CA Final - Article Assistant)
(474 Points)
Replied 25 August 2012
But here its important that conditons for claiming 150000 should be fulfilled. And yeah dont forget interest of pre-consruction period.
CAclubindia
