Income under house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 The Assessee is having 3 house properties, 2 properties being let out and one being self occupied. The Assessee has took housing loan for that self occupied property and claimed deduction of Rs.1,50,000/- and filed the IT Return.(The Assessee calculated income from 2 let out properties as per IT provisions). The IT dept. has added that Rs.1,50,000/- to income and raised the demand accordingly. Kindly guide me in this regard.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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23 February 2013 if you did as per IT act (as you said there seems no problem with your return) then on what basis ITO raised demand
please tell the basis
because on your self occupied property you can claim interest deduction of 1,50,000/-
But you didn't use interest word. so please check whether this is all interest. because if in this principal payment is also included then it will go 80C.
if it is helpful then OK
else please tell the basis of demand raised by ITO

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Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 Thank you Sir. Its actually Housing Loan Interest only.

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Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 What is the steps to be followed to resolve this querry

CA Prashant Gupta

CA Prashant Gupta (Expert)
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23 February 2013 first tell me on what basis ITO raised demand. he must have give any reason. without that I can't understand the exact situation