Loss from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2013
I have 2 properties:
First one is Self Occupied Property (No loan taken)
Second property is LOP for which I Receive Rent of Rs.240000 p.a and have taken on Loan and pay interest upto 6 Lacs P.a.
My query is Can I set off this Interest Loss against my Salary Income
For Example
Rent received 240000/-
Less: Std Ded@30% -72000/-
Less: Interest paid -600000/-
Loss from house property (I) -432000/-
Salary Income (assume) (II) 1000000/-
Total Income (I) + (II) 568000/-
Is it correct?
Pls reply
First one is Self Occupied Property (No loan taken)
Second property is LOP for which I Receive Rent of Rs.240000 p.a and have taken on Loan and pay interest upto 6 Lacs P.a.
My query is Can I set off this Interest Loss against my Salary Income
For Example
Rent received 240000/-
Less: Std Ded@30% -72000/-
Less: Interest paid -600000/-
Loss from house property (I) -432000/-
Salary Income (assume) (II) 1000000/-
Total Income (I) + (II) 568000/-
Is it correct?
Pls reply
23 August 2013
Yes It is correct. Only thing you have to compare is the fair rent, and municipal rent valuation of the property.
.
.
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