Hi,
I have a query regarding income under head house property. There is a house property co-owned by a husband and wife (50:50). They obtained the possession of the property in September 2013 and in the same month it was let out at a rent of 14000 p.m. They have taken a joint loan in order to purchase the property. The loan was taken in 2010-11. Pre-construction period is 3 years. Pre-construction period interest totals 352009. Pre-construction period principal component of the loan totals 137131. Current year ie. F.Y. 2013-14 interest and principal paid are Rs.182133 and 79337 respectively.
I have the following questions:
1) Since possession is obtained in september 2013, how will the gross annual value be calculated? Will it be taken from apr 13- mar 14 or from sep 13-mar 14?
2) Treatment of pre-construction principal component.
3) Final solution for income under head house property and its distribution amongst the husband and wife with respect to ITR.
Thankyou
CAclubindia
