I have one client and who has income from general commisson and also income from house property.
My question regarding Income from HP. Rent recd. from self. occupied HP of Rs.10000/P.M and Int. on House Building Loan Rs.4500 and House Building Loan Principle amount has Rs.67000.
Now Int. on Loan of Rs.4500 he can claim u/s 24 as loss on house property. But in what way he will show income of Rent Recd. of Rs.120000/-(Rs.10000*12) and will he eligible for deduction of princilpe loan amout of Rs.67000/- in 80C.
I have to file return in IT4 as Individual Person. Already he has eligibility deduction of Rs.90000/- for LIC premium (including Rs.50000/- for wife).
Need solution urgently.
Thanks in Advance.