Hi,
I' having a home loan taken during 2007 and able to get the tax exemption
under both section 24 u/s (for interest) and 80c (for principal) till March 2011 as my property was under construction.
However, i have rented out the house now (Rs. 1,56,000 per annum) and getting rent from this month April 2011. So, i need to declare this income in my tax sheet.
My employer has asked me to declare the following.
Deduction Interest u/s 24: Rs. 1,76,000
Deduction Repairs u/s 24: Rs. 1,56,000
My Questions:
1) Why the income coming from House to be declared under "Repairs"?
2) What will be the tax exemption for my home loan interest? Will i get full exemption for Rs. 1,76,000 or restricted to Rs.1,50,000.
3) Is it like only (Rs. 1,76,000 - Rs. 1,56,000) will be tax exempted?
Please answer my queries.
From India, Bangalore
I' having a home loan taken during 2007 and able to get the tax exemption
under both section 24 u/s (for interest) and 80c (for principal) till March 2011 as my property was under construction.
However, i have rented out the house now (Rs. 1,56,000 per annum) and getting rent from this month April 2011. So, i need to declare this income in my tax sheet.
My employer has asked me to declare the following.
Deduction Interest u/s 24: Rs. 1,76,000
Deduction Repairs u/s 24: Rs. 1,56,000
My Questions:
1) Why the income coming from House to be declared under "Repairs"?
2) What will be the tax exemption for my home loan interest? Will i get full exemption for Rs. 1,76,000 or restricted to Rs.1,50,000.
3) Is it like only (Rs. 1,76,000 - Rs. 1,56,000) will be tax exempted?
Please answer my queries.
From India, Bangalore
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