3 Replies
Yogesh Bhandari
(CA FINAL Student)
(429 Points)
Replied 01 January 2012
No Tax implications in case of purchase of residential house property in the year of purchase. Tax implications in case of transfer of capital assets
Alok Siddapur
(Consultant)
(229 Points)
Replied 05 January 2012
If the House Property (HP) is your only HP and you are using Hp for your own residence then interest paid on loan taken for purchase of HP is allowable as deduction under sec 24 upto Rs.1.5L. Principal paid is allwowable as deduction under 80C.
If you already have HP and new HP is used for the purpose of yor own residence then any one of the HP of your choice shall be taxable on the basis of notional rent receivable if that property had been let out.
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
