Income Tax
J. Raj george
(Querist) 09 January 2019
This query is : Resolved
SIR, I purchased a flat and gave it on rent in chennai. I am also living in chennai on rented house. Be cause the rent is low and the municipal valuation is also low. There is loss comes due to high interest on home loan from canara bank.can I claim set off of loss from my salary income.or any other benefits.
sanjeev kumar goel
(Expert) 10 January 2019
Yes you can claim housing loan interest and repayment of principal amount both in your ITR.
M V Gupta
(Expert) 10 January 2019
You cannot claim deduction of loss either from your rental income or from your salary. Renting out your flat is not business.
sanjeev kumar goel
(Expert) 10 January 2019
Mr M V Gupta Ji I think you are an expert in civil laws not in taxation. As per income tax act anyone can claim loss from house property from his other income. If a person is a salaried person or doing business even he or she can claim housing loan deduction from his or her income. Please go through the income tax act section 24 and 80C.
Dr J C Vashista
(Expert) 13 January 2019
Knowing fully well that this platform is for "legal" queries and not for "tax" questions why did you post ?
Dr J C Vashista
(Expert) 13 January 2019
You will have to appreciate majority of experts on this platform have in-depth knowledge about "tax laws" , accordingly, before writing such remarks, you must make yourself sure and should avoid making such statements.
sanjeev kumar goel
(Expert) 13 January 2019
Dr J C Vashista ji I have only one question from you that does Taxation Laws comes under Legal field or not? If not then what's your opinion about the persons doing their practice of law in taxation field?
M V Gupta
(Expert) 17 January 2019
@Sanjeev Kumar Goel. Regret the error in my posting Dt 10 January 2019. I agree with you that this platform is meant to consider and advise the querists on all kinds of legal issues raised by them.
