Income from house property

As per provision of Section 22 of the I-T act, only the person who is the owner of the House Property, is eligible to claim the deductions against house property.

In your case, the son only an co-borrower & not an co-owner, so even if he is paying the EMI he is not eligible to claim the interest deduction.on home loan

thank u sir..In such a case if  the father transfers  the property to Son s name whether the Son can claim deduction for interest payment?

My client has purchase a bunglow and avail a housing loan. The client has rented the terrace for mobile tower and received a yearly rent of Rs. 500000/-

The total interest paid on housing loan is Rs. 122500/-

The client occupies the bunglow and rented the terrace

I have prepared two property one is self occupied and another rented.

can any one compute the Income from house property.

Rent Received                          500000

Less- Municipal Tax paid

Net Adjusted Annual value      500000

Less : Std Ded @ 30%             -150000

            Int on housing loan      -122500

Income from HP                       227500

You have not given the amount of municipal tax paid by your clinet.  The same would get reduced from the rent received & the std deduction would change accordingly