income from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2010
what is the tax decduction allowed under sec 24?
22 February 2010
yes, the assessee can take the benefit of the interest income.
The calculation will be as follow:
GAV : 99000
Corporation Tax: Nil
NAV : 99000
Less: Deduction u/s 24
(a) 30% standard deduction : 29700
(b) Interest on borrowed capital : 215000
Loss on House Property 145700
which can be set off or carried forward.
The calculation will be as follow:
GAV : 99000
Corporation Tax: Nil
NAV : 99000
Less: Deduction u/s 24
(a) 30% standard deduction : 29700
(b) Interest on borrowed capital : 215000
Loss on House Property 145700
which can be set off or carried forward.
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