02 January 2012
Hi, I bought a flat on loan in Nov 2010 and my parents stay there now. i stay in rented flat with my husband. If the premises is left vacant / occupied by family, as per Section23 (1) (c), Notional Rental Income has to be arrived and then, the net loss has to be arrived.
I want to claim both HRA and loss from let out property. The rent in that area is Rs. 10000 to 14000 per month. Can i declare notional rent = Rs. 1000 from my parents. What is the municipal valuation of flat in Tilak Nagar Mumbai?
03 January 2012
The house will be treated as self ocuppied and therefore nil will b the annual value out of which u can claim deduction from intt on borrowed capital if actually paid that will lead to loss fm HP. u can claim HRA benefit also CA MANOJ GUPTA JODHPUR 09828510543
03 January 2012
23(1)(c) is not applicable because it is for a property let out and was vacant.... Self occupation also can't be claimed ,since parents are staying there in ,by virtue of Gujarat high court decision in Ms. Jashvidyaben C Metha Vs. CIT (1988) 172 ITR 680.
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