House Propery & HRA
This query is : Resolved
25 May 2009
Suppose a person books a house,which is under construction and the possession will be given in DEC. 2010. There is an agreement to sell. (Down payment for booking being Rs 4 lacs).
Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.
Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.
1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).
2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?
Now, till DEC. 2010, the person stays in a flat from 1st April 2009 to 30th Nov.2010, which is hired by him (rent being Rs.10,000 /- p.m.) and the company pays Rs.12,000/-. p.m. as HRA.
Loan from bank (Rs 24 lacs) is taken on 1st Oct. 2009 @ 10% p.a.
1) How the Total Income will be computed for A.Ys. 09-10 and 10-11 ? (Assume salary is Rs. 35,000/- p.m.).
2) Also, if in the case of the flat taken on rent, the deposit amount of Rs.30,000/- and rent is paid in cash, can the benefit be claimed in IT (is it sufficient to show the agreement) ?
25 May 2009
answered.
25 May 2009
For A.Y 2009-10.
1) Income from salary - 420000.00
Less: HRA u/s 10(13A) - (78000.00)
Balance: 342000.00
For A.Y 2010-11
1) Income from salary - 420000.00
Less: HRA u/s 10(13A) - (52000.00)
Balance: 368000.00
Less: Interest U/s 24(b) - (150000.00)
Balance: - 218000.00
1) Income from salary - 420000.00
Less: HRA u/s 10(13A) - (78000.00)
Balance: 342000.00
For A.Y 2010-11
1) Income from salary - 420000.00
Less: HRA u/s 10(13A) - (52000.00)
Balance: 368000.00
Less: Interest U/s 24(b) - (150000.00)
Balance: - 218000.00
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
