29 August 2013
please solve my query? Assessee is salary parson, claiming H.R.A. exempt due to paying actual Rent. But he had 2 house property one in Mumbai which is given in rent to other person @ another in Hyderabad which is under construction, & he had taken a loan for under construction flat. Now he is paying EMI of that loan which carry concessional loan taken from his employer @ 6% P.a. so pleas tell me what how to calculate Income & Interest from house property? and what about HRA which is taken as exempt
29 August 2013
For HRA, assessee can claim for the rent paid for the staying house. Mumbai house can be show as let out property and show the rental income and claim the actual interest u/s.24b
for the Hyderabad house since under construction, you cannot claim any interest now, all the interest can be accumulated as preconstruction interest and claim after completion of construction in 5 equal installment
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