Folks,
I have a query wrt Personal Income Tax payable for a salaried individual.
I took a housing loan of 55 lacs for a nearly complete property in September 2011. I am going to pay an annual interest of approximately 5 lacs on this property which I have purchased last year. This year I expect possession of the property and rental income of close to 1.50 lacs by 31st March 2013.
In this case my net income from property is negative by close to 3.50 lacs. Can I claim this entire amount as deduction under the relevant section of Interest paid for let out property or I can claim only 1,50,000 INR ?
Kindly help with the correct answer to my query.
Regards,
Nikhel Goel
CAclubindia
