House property income (self occupied and notional)

meabhijit (Project Manager) (172 Points)

20 December 2011  

Hi All,

Need expert advice.

I have a house property obtained with home loan. The annual interest for the loan is 228704Rs. I occupy the house for 8months in an year while 4months the property is vacant. Please do suggest if the following calc for "Income from home/property" is correct.

For 8 months:(Self Occupied)

1. Annual value is NIL, Standard deduction NIL and Intrest deduction upto 1,50,000Rs. So the calc would yield taxable income from property as -1,50,000Rs which can be deducted from other heads of income.

For 4 months: (Notional)

1. Annual value 35000, Standard deducton 10500 and interest deduction of 76234Rs. (228704Rs/12 = 19058Rs/month. So for 4 months = 19058Rs*4 = 76234Rs). This calc would yield taxable income from property as  -51734Rs which can be deducted from other heads of income.

So total deductible income from property (loss) is 1,50,000 + 51734 = 210734Rs.