Partly let out partly self occupied interet u/s 24b

A person is having one house divided into four equal residential units i.e. Unit A, Unit B, Unit C, Unit D.

Unit A is self occupied by the assessee while Units B,C and D are Let Out at Rs. 300000 p.a. each.

Interest for the whole house for Financial Year 2011-12 is Rs. 10 lacs p.a.

Please tell me the deduction of interest u/s 24(b) for the financial year 2011-12.

Also tell me the detailed computation of income tax in case the assessee is having other income of Rs. 2 lacs.

Replies (1)

 

    A B C D Total
Rent   0 300000 300000 300000 900000
Less: 30% 0 90000 90000 90000 270000
      210000 210000 210000 630000
Share of Interest 250000 250000 250000 250000 250000
Max Allowed u/s 24(b) 150000 250000 250000 250000 900000
             
Income/(Loss) from House Property -150000 -40000 -40000 -40000 -270000
             
Other Income         200000
             
House Property Loss C/F       -70000

 

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