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Query on hp income

ITR 450 views 1 replies

Hello members of CCI

I have a doubt in filing my client returns, 

He has a building Having 3 floors , Ground floor occupied by client,  Rest 2 floors are given on rent

(single owner)

My query is how HP income is treated  whether as Self occupied  or Let out  property

What is the proportion of property  tax he should claim for SOP & LOP if he is paying a tax of rs 14000/-

What amount of proportion of housing loan interest is available for SOP and LOP if his interest on housing loan is rs 325000/-

Thanks in advance

Replies (1)

Ground floor as self occupied and rest let out.

Proportion for property tax: based on area (deductible only from income of LOP)

Proportion for interest: also on the basis of area (provided it is within limit for SOP)

 

 


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