Can owner take deduction u/s 80C regarding principal repaid towards housing loan, for a let out property/???
Pls take below example and clarify income and deductions allowed in both the cases below.
Case 1: If owner is salaried employee anual income 8,00,000, rental income 15k pm and investment u/s 80c is 50,000. Interest paid during the year 3,00,00 and principal repaid during the year 50k. Can owner say that loss on house property = 1,80,000-3,00,000 = -1,20,000 and for 50K repaid can he include that with his other investments and claim deduction u/s 80c for 1,00,000.
Case 2: If owner is salaried employee anual income 8,00,000, rental income 15k pm for property 1 and 2nd property self occupied. Investment u/s 80c is 50,000. For eash of property interest paid during the year 3,00,00 and principal repaid during the year 50k. For property 1, can owner say that loss on house property = 1,80,000-3,00,000 = -1,20,000 and for 50K repaid can he include that with his other investments and claim deduction u/s 80c for 1,00,000.
For property 2, interest allowed is 1,50,000 only
Pls clarify.
CAclubindia
