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Query regarding hp
If the assessee has one house propery which is let out for 12 mnths at an annual rent of rs. 52000 nd m.v. =28000. M.tax paid during the yr is 5000(including rs. 1000 for earlier yr). House was constructd in 1998-99 wid a loan of rs. 1200000. Interest on loan is 168000. Then wat would be the IFHP??
Replies (7)
Calculation of Income from House Property
A.Rent Received :52000*12 = 624000
B.Less: Tax Paid = 5000
C.Less:Standard Deduction = 30%(A-B) = 185700
D.Less:Interest on Borrowed Amount = 168000
Income from House Property = 265300
Thnks Mr. Kuldeep but m still confusing cz here is gvn tht total AR is 52000 so hw cn v multi by 12 mnths...
Ooh Sorry for that I didnt saw that fact
Calculation of Income from House Property
A.Rent Received :52000
B.Less: Tax Paid :5000
C.Less:Standard Deduction = 30%(A-B) = 14100
D.Less:Interest on Borrowed Amount = 168000
Loss under the head House Property = 135100
Yaa thnks Mr. Kuldeep
Interest on borrowing cannot exceed Rs. 150,000/-
Bro its for self occupied property.
In this case its a rented preperty.Please refer Sec.24
My mistake. Kuldeep is right.
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