Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 In a case where no rental income is dervived from a house propert, however as per provision of section 23 deemed income(municipal valuation ) is Rs 5000/-.

Can I have a loss of say 3 Lakhs for such property as interest payable on borrrowed capital for SBI home loan assuming income as per municipal valuation.

Mohit Naithani

Mohit Naithani (Expert)
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11 July 2012 if you have more then one house (not using for business proff) then one house of them is assume deemed to be let out and here you have to calculate gross annual value of Rs 5000 and less deduction u/s 24 upto amount of intt (no limit) paid by you. But if house is Self occupied then you did not have to calculate Gross Annual Value and GAV(deemed Income) is Nil but u can claim an amount of interest upto Rs 150000/- if you bought a loan after 01.04.1999 only for construction / purchase of house property, Construction or Purchase is to be completed within 3 years of availing loan. And if loan is taken before or after 01.04.1999 for any other purpose (repair, reconstruction etc)or construction/purchase is not completed with 3 years then you can avail maximum amount of interest upto Rs 30,000/- . In case of Self Occupied house property you have to show loss from house property...