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TUSHAR

How to compute income from house property...
I have 1 flat in Mumbai, which given to bank employee rs. 20000 per month rent. They give me 18000 after deduct 10% of tax rule.
Another part I stay in rent in another room in Mumbai and I give rent to Mr. Rex to rs. 20000.
What will calculations done ?
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Amlan Dutta
For the first house you derive income from House property and shall accordingly fill house property schedule for let out property .....for the other room that you pay rent , there is no income for you so you have nothing to show ...in case you get HRA , you will get some exemption based on eligibili...
  • August 15, 2018
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Mahendrakumar Kolhe

Deemed let out property...
Hi Amlan, FY 2016-17 I have salary income and 2 housing loans for 2 housing properties hence I Filled ITR2. In FY 2016-17 I completely paid off 1 housing loan. In FY 2017-18 I have only salary income and 1 house property loan. Question - Is it necessary to show deemed let out property even if you do...
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Amlan Dutta
You can show any house as self occupied ...so assuming that the property that you have paid off loan for is self occupied , there is no income generated from this property ...all other properties shall be let out or deemed let out ...at this point there is just one property under consideration so yo...
  • August 15, 2018
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MOHAMMEDYASIN

Home loan interest benefit under 80 EE...
suppose i purchase new property apx. 25 lecs (new residential house).september 2018 my home loan senssion apx.15 lacs aug 2018
so, where i display principal amount of loan and interest its like borrowed purchase or 80EE in FY2019-20
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Amlan Dutta
Interest under 24(b) while showing income from house property and principal can be claimed in 80 C ........I am assuming that the house is under possession ....80 EE cannot be used if any other section is being used ....in this case since 24(b) is being used for interest benefit , so you cannot use...
  • August 15, 2018
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Shantanu Ganguly

Home loan interest under 24(b)...
Sir,
I have a Land purchase loan instead of home loan, so can I get any benefit of Land purchase loan in ITR-1. If yes, then in which section I should fill the details to get benefit in ITR-1
Thank you.
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Amlan Dutta
Unfortunately no, the sections 24(b) and 80 EE deals with tax benefit associated only on Home loan interest and section 80 C w.r.t Home loan principal repayment ...but, like the name suggests this are home loan benefits not land loan benefits ...in short, there is no benefit whatsoever available fo...
  • August 5, 2018
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G N Sah

INCOME SCHEDULE - HOUSE PROPERTY...
Dear Amlan,
Thanks for your reply. Ya It does not apply to me.
BUT When I don't select any of these options (self occupied or let out) in my ITR1 form then it doesn't allow me to validate the ITR1 .xl file.
What shall I do to generate XML file. It is not allowing me to generate XML file.
Plz suggest.
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Amlan Dutta
Not possible , it allows to validate ...i cannot do this on personal basis for you but my ample videos demonstrate that return gets validated and xml does get generated ...you must be doing something wrong ...i cannot check it ...if we ever introduce premium services ( which is not likely for the n...
  • August 1, 2018
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Preetam

Income from let out property...
What amount is required to be filled in Letable value?

I bought the house on Dec 28, 2017 and the Tenants were already occupied for rent. I only continued the rent of rs 5000/Month with them with rent agreement starting from Dec.
My doubt is, What amount needs to be filled in for this Assessment year?...
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raghav bajaj

Home loan interest under 24(b)...
sir as per my friend details, my mother have a residential house property purchased 7 years back ,untill last year we have a morgage loan on that property in the name of my father amounting to 28 lakhs , in f\y 2017-18 on that property we have taken house loan worth 40 lakh in the name of my father...
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G N Sah

INCOME SCHEDULE - HOUSE PROPERTY...
Dear Amlan,
I am living in government quarters and do not have any house in my name. What option I should fill under Type of house property. Is it compulsory to select any of these options here (self occupied/ or let out)? Without selecting any option it is not allowing me to validate my IT file.

Pl...
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Amlan Dutta
When you are staying in government quarters, then why are filling at all income from house property ...it doesn't apply ....keep it unselected to self occupied or let out and submit your return depicting only the scope of taxable income that applies to you!
  • July 27, 2018
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Lokesh Jangid

Home loan interest under 24(b)...
If property on the name of mother but home loan is taken on the father name then I want to show interest deduction on the father account but ITR 3 wants detail of property.There is no co-owner of the property but when i select no co-owner option then it shows 100% property is mine.when I select yes ...
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Amlan Dutta
You are filing ITR for father right ...if he is paying for 100% of it , then there is no question of selecting co-ownership ...he owns total ownership and there is no co-owner and so you shall select no co-owner and it shall default to 100% ownership for father.....mother shall not come into play at...
  • July 26, 2018
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E Ranjana

Income from commercial shop...
How to show rent received from commercial shop let out.monthly rent received is RS.3000.
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Amlan Dutta
It is depicted in the same manner as let out property ...i.e first figure out net annual value = Annual rent received minus property taxes paid. Next , offer standard deductions 30% of Net annual value and interest loan repayment .....so you shall have income from commercial shop as Net annual value...
  • July 25, 2018
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Sanjib Basak

Home Loan interest under 24(b)...
A taxable person received in his bank account Rs 5 Lakh from ICICI Home loan A/c For FY 17-18. Where this amount show in ITR 1?
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Amlan Dutta
Assuming that home is already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs and (ii) the principal portion of the home loan can ...
Assuming that home is  already handed over and self occupied, the home loan repayment for the interest portion can be shown under deduction portion of the ITR while computing income from house property (24(b) ....This has a upper cap of 2 lakh rs  and (ii) the principal portion of the home loan can be shown under 80 c ...this falls within the 80 C savings limit( at present 1.5 lakhs) ...say the 5 lakhs is 4.8 lakhs interest and 20,000 principal , then you can show 2 lakhs under 24(b) and 20,000 under 80 C...remaining portion of interest shall be carried forward<br /><br />Check attached image for knowing how to show it in ITR
  • July 24, 2018
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Ankit Singhai

Deduction benefit for House property...
Hi Amlan
I took a home loan in July 2015 for a under – construction property. Loan amount ~ 27 lacs
I was being charged Pre Emi interest @ certain rates and time to time I repaid the principle amount

My flat was ready in Dec 2017 (I made complete payment to builder), but actual handover/possession I ...
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