13 November 2012
FY 2011-12 i acquired a house at Mangalore part self funded and part loan. This is the only House i own. The house is let out on rent, An interest towards loan for fy 2011-12 is Rs 147500/- and total rent accrual for fy 2011-12 is Rs 117871/-, An fire insurance is paid for Rs 5730/- An property tax is paid for rs. 7500/- what will be my exemptions from income tax u/s?
You can claim the property tax, interset on loan and principal amount paid on loan can be claimed as deduction. interest claimed u/s 24 & principal amount u/s 80 C of the Income tax act,1961
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