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Computation of Income from..
"Self-Occupied House Property" Income
 

2.4.  COMPUTATION OF INCOME FROM “SELF-OCCUPIED PROPERTY” :

# When Property is in the occupation of the owner and not let-out during any part of the previous year, the Annual Value will be taken as NIL.

# When more than one house is held by the owner and is in the occupation of the Owner for his residential purpose, then only one residence value, at Owner’s choice, will be taken as NIL. For other House/s, the tax is computed as though the Property is Let-Out.

# When the Annual Value is taken as NIL, no deduction u/s 24 is allowed except...
in respect of interest paid on capital borrowed for acquisition/construction and the same is completed within 3 years from the end of financial year in which the loan was borrowed subject to a maximum    of Rs. 1,50,000 p.a..

# Deduction in respect of Interest on housing loan during the period of construction  is allowed in equal installment over a period of 5 years commencing from the year of completion. However, this will be within the overall limit u/s 24(b) of the Act.

# There is no limit for the interest on borrowed loan in respect of Let- Out Property.

# If there is a “Loss from House Property” , the same can be set-off against income from any other head in the same
Assessment Year.

# If the Loss cannot be set-off against income from any other head in the same Assessment Year, the Loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against income from House Property only.

 
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> 26. 10 Investments under the Taxman's scanner
 
COMPUTATION OF TOTAL INCOME :
  • Salaries
  • House Property
  • Business or Professions
  • Capital Gain
  • Other Sources
  • Clubing of Income
  • Set-Off of Losses
  • Deductions
 
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TUTORIALS LIBRARY  
 
 
 
KNOWLEDGE BASE !
How to Save Tax on Income from House Property
How to Save Tax on Income from Other Sources
How to Save Tax on Capital Gains
Tax Planning through Hindu Undivided Family-HUF
Deductions from Your Income
Incomes Completely Exempt From Income Tax

How HUF Status in Income Tax Save You a Lot of Money

“A Married Woman” could Own Property in Her Own Name : from the Tax Planning Angle

Tax Planning under One Roof

The Husband can Give a Loan to his wife, Not a Gift
Daughter-in-Law should have a separate Income Tax File
Your Own Adult children Could Save you Tax – How ?
Creating a New HUF (Hindu Undivided Family) Can Save You Tax – How ?
 
 
 
 
 
 
 
 
ALL INDIA FEDERATION OF TAX PRACTITIONERS
(National Tax Conference 2012
at Bhubaneswar, Odisha)

ARTICLES...
 
 
 
Guide & FAQ on Tax Tips on Income Tax Income Tax @ Glance Knowledge Base @ Taxation in India

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