dear all
a person has divided his house into 3 similar units.2 units were self occupied by him and 1 unit is let out.fair rental value of that house is rs.90000.rent received in respect of let out part is rs.30000.muncipal tax is rs.3000 for the whole house.now he want to do some repairing work in that house for that he has taken a loan.interst payable anually is rs.60000.
friends plz show me the tax treatment of all units and specially for division of interest among between the units.
1.whether he can claim interest for the two self occupied units rs.20000 each.my question is suppose if the assessee has not divided this house into units and use the whole house for residential purpose then he can claim only rs.30000 as interst deduction and in the present case he can get not only the benefit of rs.40000 for self occupied part but also get pure income from let out part bcoz if we calculate it then we get nil income from the let out part.
plz make me correct if i am wrong and plz gave ur valuable suggestions
CAclubindia
