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Deduction benefit for let out property...
In Income from House Property, there is deduction of interest paid on loan taken for acquiring home or repairs. If my house is let-out, there is no limit on the deduction that I can claim on interest paid for acquiring/repairing home. Now, I want to repair my home. My question is, can this loan for ...
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Raman Kale

House Property...
Hello Amlan Sir,

Question 1 : I watched your video wrt income from property. Can you please clarify as to how to calculate/find letable municipal value from Muncipal tax and where can I find the fair value as per rent control act as mentioned by you?

Thanks in advance
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Amlan Dutta
These are all textbook terms ...forget my tutorial ...in real life go as per actual rent that you have been receiving as per rental agreement ...in my client cases ,.i see that the assessing officer also insists for the same ..in a recent court case it appears that there has been a hallmark change i...
  • May 4, 2018
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Arjun

Deduction benefit for let out property...
Hello siri have taken second home loan for flat in mumbai , its not rented my son is living there, I am living in ambala in my first home loan house .I am getting income tax rebate on first home loan. can I get income tax rebate on second home loan in which my son is living & how much tax exemptio...
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Amlan Dutta
You have to show this property as deemed let out property and show notional rent on it post which you get same deduction benefits as let out property would entitle you to, namely

(1) 30% of net annual value and
(2) loan interest under 24(b) subject to 2 lakhs

(The benefits are for individual proper...
  • April 20, 2018
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