Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171384 Points)
Replied 30 August 2019
Where the funds were utilized?
Sachin Kumar
(23 Points)
Replied 30 August 2019
Sir funds were used to purchase property in this year 2015. Now i am paying emi.
Sachin Kumar
(23 Points)
Replied 30 August 2019
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171384 Points)
Replied 30 August 2019
You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same..
Sachin Kumar
(23 Points)
Replied 30 August 2019
Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate...
Note: my rental income is rs 366000
Kapadia Pravin
(17259 Points)
Replied 30 August 2019
Sam Singh
(Others)
(163 Points)
Replied 30 August 2019
| Originally posted by : Dhirajlal Rambhia | ||
 |
You can declare the rental income u/h. IFHP, and claim interest portion as deduction against the same.. |  |
Yes sir i will declare rental income but how much rebate i can take? Is loan against property eligible for tax rebate? I just asked from bank i have paid rs 225800 in interest. Can i use whole amount for rebate...
Note: my rental income is rs 366000
Sam Singh
(Others)
(163 Points)
Replied 30 August 2019
| Originally posted by : Kapadia Pravin | ||
|
Your income from house property will be loss.Rental income 366000 will be reduced by property taxes and 30% repairs. This reduced amount will be further reduced by 225800 interest ... | |
How it will be loss ?
Rental income 366000 and 30% repairs is 109800 and taxes is 5500 so total is 366000-109800+5500= Rs 250700
So total is 250700 if i take rebate of max 2 lakh then still I need to pay tax on 50700. I am right ?
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