MATHEW (PROGRAMMER) 29 May 2012
I have two houses, but stay in Govt. staff quarters. One house given on rent and the other purchased before 2 years with housing loan for which I claim tax benefit. Can I club the income from first property and loss (interest paid) from the second house to compute the net loss from house property ( annual HLoan interest of 2nd house- annual rent from 1st house )subject to a ceiling of 1.5 Lakh ? What is the right way to show in Office for TDS & IT return ?
Thanks
C. P. CHUGH (Practicing Lawyer) 30 May 2012
Amount paid as interest on housing loan which is vacant and intended for self occupancy is deductible subject to maximum of Rs. 1.50 Lac a year. Income from House Property let out is taxable as per actual rent received.
You can report to your employer net income/loss 'as any other income' to be included in your tax calculation for the purpose of tax deduction at source.
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