house property

This query is : Resolved 

02 July 2009 if a person having housing loan for the past 2 years but due to economical status and some other reason he need's to shift the residential area by leaving the current home for rental and take one rental home for staying now how to calculate is house property income and he is a salaried person.

02 July 2009 In given case, he is having rental income from let out of house. calculate the income from HP on the basis of
rental to be recd
less standard deduction of 30% on rent
less interest repaid to bank on loan u/s 24b

Also, take the benefit of principal repayment u/s 80c

02 July 2009 To add up on Nikhil Gupta, assessee can claim HRA benefit also.


02 July 2009 If he is not getting HRA, then he can claim the benefit of rent paid u/s 80GG.



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