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Ritesh Chaudhari

Income from let out property...
Hello Sir,
First I want to say Thank you very much for helping us.

I am salaried person (taxable Income more than 10 Lacs).
I have two home in Pune, one is self occupied where second is rented.
There is no home loan available against rented property and home loan available against self occupied pro...
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Amlan Dutta
The house which is self occupied has no income (no loan interest repayment which could have been shown as negative income)...so effectively , you have income from the let out property only ....assessee having income from only 1 house property can use ITR 1 ......income from let out property is not ...
  • December 12, 2018
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Jalda Srinivas Rao

How to compute income from house property...
Hi.. I own a property in Hyderabad and paid property tax. Now where i need to show the property tax. My parents stay there and I stay in other city in a rented flat. Please mention where i need to show the Rent paid and property tax.
Thanks
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Amlan Dutta
If it is being offered as self occupied , then there is no way to show this...if it is shown as let out property then the net annual value is derived at after subtracting from annual rent the property tax ...The ITR 2 in the income from house property schedule for let out property has the clear opti...
  • October 9, 2018
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Mallikarjuna

Income from Self occupied property...
GM, self bought a flat in chennai in Oct14 and took the possession in Aug 17..
Want to know...

1. pre construction period for interest calculations.
2. Self working in private sector & staying in Bangalore claiming HRA in tax rebate. can i show my flat as a self occupied since my mother and father stay...
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Amlan Dutta
1.) During this period October 2014 to August 2017 - this is the pre construction period .....starting FY 2017 18, you can claim loan interest in 5 equal installments under 24(b)

2.) Yes , you can show ....i don't understand why people mix income from house property and salary (HRA), i guess they ha...
  • August 26, 2018
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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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Amlan Dutta
This falls in category -House property which was partly let out and partly vacant during the year....in such cases where house property was partly let out and partly vacant during the year, there are two scenarios which affect the actual rent received owing to such vacancy .... ...
  • November 26, 2018
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raghav bajaj

Home loan interest under 24(b)...
Sir, my mother has a residential house property which was purchased 7 years back, until last year we had a mortgage loan on that property in the name of my father amounting to 28 lakhs , in FY 2017-18 on that property we have taken house loan worth 40 lakh in the name of my father out of which 28 l...
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Amlan Dutta
Simply put , if loan has been used for personal purpose , no benefit under 24(b) or 80 C can be taken ..If however, utilization of loan towards property purchase(already constructed) can be shown , you can take benefit ...In this case since the mortgaged loan has been used for personal purpose, as...
  • November 27, 2018
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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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