I have Income from House Property. I have 2 Properties in my name.
Ist property was Let-Out through out the Year and I have no Housing Loan on this Properly. I am calculating Income Tax Liability on this House in normal case.
2nd Property was occupied by me for 11 months and thereafter I had Let-Out it for 1 month in the financial year. Thus for 11 months it was Self Occupied and rest 1 month Let-Out for Rs. 18000.00 P.M.. I have Housing Loan on it and the Housing Loan amount is Rs. 1,90,000.00 (more than 1,50,000.00 allowable for self occupied property) for the financial year. Thus during the Financial year Total Rent Received is Rs. 1,20000.00 (from 1st House) + Rs. 18000.00 (from 2nd House) and the resulting Income from both the houses combined comes in minus.
Now please guide me that was will be my Net Income from House Property and what amount will be adjustable from my Salary Income? Will I have to carry forward any LOSS from House Property to the next year or I may adjust the whole amount of Interest on Housing Loan from my Salary Income.
CAclubindia
