HI friends
I have a query regarding hose property income.
One of my client has leased his house for 3 years. He received 12 lacs as whole consideration.he has to return 12 lac (without any interest) to lessee after completion of lease period.
He has claimed 6.5 lacs interest on housing loan, that i thnk that its eligible as it is not self occupied.
Please clarify what shd be income under house property or what shd be correct treatment?
This is some form of deposit, and apparently the interest earned thereon shall be the income of the owner of the house, because 12 lacs shall be repaid to the lessee after the end of the lease period.
I think one needs to look at the lease agreement and provisions thereon to be able to classify this income.
yes, property is let out and he can claim housing loan interest.
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