Income from house property- it returns

vasisth (professional) (56 Points)

20 July 2016  

 Facts :

A person owns

  1. Residential Building in Mumbai  which has 4 floors.
  2. One floor is Self occupied and rest 3 floors are Let out
  3. He has Housing loan and municipal taxes are paid on it

Query

Whether total income from the all the floors are to be consolidated and then compute income form House property by giving standard deduction at 30%

Or

Should we calculate income from each floor ?

For instance 1st Floor let out for Rs 12000 p.mX 12 = 144000 and deduct std deduction @ 30% on 1,44,000/- i.e.43200/- and deduct proportionate interest and Muncipal taxes?

What proportion of interest and municipal tax is to be taken for self occupied property?

In IT Returns should it be shown as Income from different house property ?

Awaiting for your valuable reply

Thanks in advance