One of my client have a house property which is ment for the purpose of letting out. since none have occupied it yet ..can we claim deduction under loss due to vacancy...:) ?
7 Replies
Aparna Raja K.C
(Student)
(520 Points)
Replied 01 August 2011
but why?
Does the Act specifiy any conditions for claiming loss due to vacancy ?
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 01 August 2011
how can You Claim Loss
Infact even if it is not let out, property will be demed to let out and You have to consider the Fair rent as its Gross Annual Value.
however if there is some loan on the Property You can cliam interest paid on such loan as deduction and if interest is more than (NAV - Stand. Deduction 30%) it will be loss under Income from house property and in that case that loss can be set off fro income under the other heads
Aparna Raja K.C
(Student)
(520 Points)
Replied 03 August 2011
Isnt there any court rulling that is in support of claming loss due to vacancy?
I heard something of that sort but not certain abt it.
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 03 August 2011
see aparna, in this queation there no chance to find out fair rental value. so no question of claiming loss
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