House property
This query is : Resolved
27 June 2016
Assessee has given on rent the flat owned by him. The rent received is shown under the head Income From House Property. In this flat assessee has taken loan from financial institution. Will interest paid on this loan be shown as loss from house property and reduced from rent received. The balance amount will be offered for tax ?
27 June 2016
Yes interest on borrowed capital will be deducted from rent received. In addition 30% standard deduction for repairs will also be deducted.
27 June 2016
Yes the interest paid can be reduced from rental income and the balance amount offered for tax after allowable deductions.
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