hi frnds in one of my client form 16 INCOME FROM HP LOSS IS SHOWN 175000.ND WHOLE IS DEDUCTED
WT SHUD B DONE NOW??????????/
2 Replies
santosh
(Student)
(26 Points)
Replied 28 July 2011
Dear Vicky,
Please confirm firstly whether the House is Let out / self occupied.
If it is let out the the max amount for deduction is Rs.150000/- ( Including Pre construction Intt )
And if it is Sef occupied the amount of loss can be any amount , no certain limit ( Including Pre construction Intt )
CA Vasiullah (Vasi)
(Audit Executive)
(1813 Points)
Replied 28 July 2011
The maximum limit of loss is Rs. 150,000 if the house is self occupied and the loan for construction of house was taken on or after april 1,1999 and construction was completed witho 3 years.
There's no limit on maximum loss in case of house property is let out.
The rule is just opposite as stated by Mr. Santosh.
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