29 November 2013
I am owning a house which is let out. My Interest on House property is more than rent received. Loss is more than 1.5 lacs. Can I give a declaration to my employer for excess of Housing loan interest i.e. Can I claim deduction in respect of interest on housing loan exceeding Rs. 1.5 lacs in form 16.
29 November 2013
No you can't give declaration of interest on 'let out property' to the employer. Please note that declaration of negative income to the employer is restricted to 'self occupied property'interest only with a cap of Rs.1.50 lakhs per annum.
05 December 2013
Also referring Notification 8/2013 of Income Tax:
Point no. 3.5 states:
Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" ( not being a loss under any such head other than the loss under the head “ Income from house property”) received by the taxpayer for the same financial year and of any tax deducted at source thereon.
Point no. 3.6 states:
While taking into account the loss from House Property, the DDO shall ensure that the employee files the declaration referred to above and encloses therewith a computation of such loss from house property. Following details shall be obtained and kept by the employer in respect of loss claimed under the head “ Income from house property” separately for each house property:
It says declaration to be submitted separately for EACH property, means deduction can be for multiple properties.
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