i have one problem, any one proprietor's of any firm. he take two house loan from another banks.he have no any house property income. then how can treat it their dudction in income tax. if he pay all amount in his CC BANK. PLESE TELL ME HOW CAN SOLVE THIS PROBLEM. MAY HE TAKE DUDCTION IN YOUR BUSINESS INCOME. OR HOW CAN SHOW THIS DEDUCTION IN ITR,
04 October 2008
One House Property will be treated as Self-Occupied and accordingly the net annual value will be nil and interest paid will allowed as deduction. Second house property will be treated as deemed to be let out and municipal value will be reasonable letting value (RLV) and interest will be allowed as deduction. Inetest is allowed as deduction as u/s 24(b) subject to maximum limit of 1,50,000/-.
08 October 2008
Question is not clear. If he has two residential property and not related to business then it will be covered u/h House Property and if if it is commercial property used for business then interest can be claimed as deduction as well as repair cost and depn. on property.
CAclubindia
