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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 preconstruction 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 hav...
  • 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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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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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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Vaibhav

Income from Self occupied property...
I own a house and live in it, so income from house property is zero. Since there is no home loan, no interest outgo and hence no 'loss' from house property too. In such case, can property tax that am paying be claimed under any section? Also, do I have to provide address etc. details of the property...
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Amlan Dutta
For self occupied house , you cannot claim any deduction of property taxes...The net annual value of a self occupied house is always zero ...if you are filling ITR 1 , then no , you are not required to provide details of the property ...see the attached screenshot ...once you select self occupied ,...
For self occupied house , you cannot claim any deduction of property taxes...The net annual value of a self occupied house is always zero ...if you are filling ITR 1 , then no ,  you are not required to provide details of the property ...see the attached screenshot ...once you select self occupied , the not applicable fields get greyed out(making it non editable)
  • June 19, 2018
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Vaibhav
Thanks Amlan. What about ITR2? Does the address of the own property needs to be mentioned in ITR2?
  • June 19, 2018
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