Query regarding hp

508 views 7 replies
If the assessee has one house propery which is let out for 12 mnths at an annual rent of rs. 52000 nd m.v. =28000. M.tax paid during the yr is 5000(including rs. 1000 for earlier yr). House was constructd in 1998-99 wid a loan of rs. 1200000. Interest on loan is 168000. Then wat would be the IFHP??
Replies (7)

Calculation of Income from House Property

A.Rent Received :52000*12 =                        624000

B.Less: Tax Paid =                                                5000

C.Less:Standard Deduction =  30%(A-B) = 185700

D.Less:Interest on Borrowed Amount =       168000

Income from House Property =                      265300    

Thnks Mr. Kuldeep but m still confusing cz here is gvn tht total AR is 52000 so hw cn v multi by 12 mnths...

Ooh Sorry for that I didnt saw that fact

Calculation of Income from House Property

A.Rent Received :52000

B.Less: Tax Paid :5000

C.Less:Standard Deduction =  30%(A-B) = 14100

D.Less:Interest on Borrowed Amount =       168000

Loss under the head House Property =    135100                       

 

Yaa thnks Mr. Kuldeep

Interest on borrowing cannot exceed Rs. 150,000/-

Bro its for self occupied property. In this case its a rented preperty.Please refer Sec.24

My mistake. Kuldeep is right.

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