help me out pls
how to take for tax on letout leased house property. House is given for lease for 12 lakh (refundable) for 3 years
Will this letout house property has to be taken for income under house property. how n how much to take as income under income from HP.any notional basis.this letout leased house property taken on loan.
D same owner of the above lease house property is in rented house can he claim for HRA
Thanks in advance
Yes, deemed rental income to be assessed.
deduction of u/s 24(a) 30% on NAV (i.e. GAV-Municipal taxes paid)
deduction u/s 24(b) interest on capital borrowed for the said house property.
[In the case of a let-out property, there is no limit on the quantum of interest which can be claimed as a deduction under section 24(b)]
The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C
Income generated from the deposit amount to be reported as other income.
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