Partly let out partly self occupied interet u/s 24b

Pawan Mittal (CA Final) (711 Points)

28 January 2013  

A person is having one house divided into four equal residential units i.e. Unit A, Unit B, Unit C, Unit D.

Unit A is self occupied by the assessee while Units B,C and D are Let Out at Rs. 300000 p.a. each.

Interest for the whole house for Financial Year 2011-12 is Rs. 10 lacs p.a.

Please tell me the deduction of interest u/s 24(b) for the financial year 2011-12.

Also tell me the detailed computation of income tax in case the assessee is having other income of Rs. 2 lacs.