i want to know that if house property is vacant for whole year. then how to calculate the Income from house property ? if there is interest on housing loan.
3 Replies
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 31 July 2012
Assessee is allowed to choose 1 property as self occupied and other properties whether self occupied or vacant will be treated as Deemed let out and will be taxable and you will be eligible for deduction of Interest on housing loan. And let out propery will be taxable as let out property.
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 31 July 2012
IN THE SAME MANNER AS WE CALCULATE IN LET OUT PROPERTY
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