Income from house property.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2015 hi,

How to calculate income from house property in my case to get maximum tax benefit .

I own two flats.
flat no 1 is let out at rent of 5000/- per month. there is no loan on flat no.1.

Flat no. 2 is self occupied. I paid interest of 2,90,000/- in f y 2014-15 on borrowed capital (loan taken on 01-jun-2012) .
Rent in locality of flat 2 is 7000/- per month.

my query is can I show flat no 1 as self occupied and flat no 2 as let out. if yes
how much interest deduction on borrowed capital is allowed (Rs.2,00,000/- or actual interest paid ie. 2,90,000/- .

Please send calculation.

Deepak Deshpande

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 June 2015 no. you cannot...you can claim only Rs 2 lakh as deduction

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 June 2015 on sop max u can claim is 200,000 only

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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2015 Thanks for reply.

But my query is not replied. My query is whether I have option to show flat no 1
(which is actually let out and no loan ) as self occupied and flat no 2 (where I stay and paid interest of Rs.290000/-) as let out to claim rs.290000/- ( not Rs.200000/- ) as deduction for house property for flat no 2.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2015 no. you dont have that option. that why the above answers.

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