07 April 2009
MR. A is owner of single house property. There is loan taken for the same. EMI is paid from his account. Interest for the house property for relevant year works out to be 174186/- and principle amount Rs. 215146/-. He has now rented out the said property. he gets Rs. 65000/- per month. He started residing in smaller residential flat taken on rental in nearby locality.He pays Rs. 30000/- per month rent for the same. What would his income under the Head "Income from House property". Can he availed the benefit under section 80GG of the Income Tax Act?
08 April 2009
Income from house property would be gross rent 780000 deduct municipal taxes from 780000. from that net figure deduct interest. from that net figure deduct 30% towards repairs.
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