15 July 2016
Interest on borrowed capital /let out property for the year FY 2015-2016
My Client has taken a loan of Rs.45,00,000/- lakhs for purchase of flat, last 2 years back. And has ancestral property, he resides at his father's house. He has given the flat for let out for the full year. He is paying interest on borrowed capital Rs.4,00,000/- lakhs and principal amount of Rs.3,00,000/- lakhs.
Can my client is eligible for 'interest on borrowed capital' for Rs.4,00,000/- u/s.24(b) and 'principal amount' of Rs.3,00,000/- (Subject to Rs.1,50,000/) u/s.80C. Please clarify any one
15 July 2016
How much is the income from house property?If,it is less than Rs.400000/-,then income from house property will show minus figure & will be set of against income from salary or any other income but if,it is more than Rs.400000/-,then amount in excess of Rs.400000/-will be charged as income from house property.