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Srinivasu Kollu S.A. ( Social Studies ) ZPHS.KANDI KUPPA , KATRENI KONA MANDAL , E.G.Dt. 9494553601 srinivaskollu@outlook.com

COMPUTATION OF INCOME FROM
SELF OCCUPIED PROPERTY


As mentioned earlier, where a person has occupied more than one house for residential purposes, only one house, as chosen by him will be treated as ‘self occupied’ and all other houses will be deemed to be let out and the income from such houses would be computed as indicated earlier. In regard to one house treated as used for own residential purposes throughout the year, Section 23 (2) (a) prescribes that annual value of such house shall be taken to be nil, if the conditions
mentioned below are satisfied:
a. the property (or part thereof) is not actually let during
whole (or any part) of the previous year; and
b. no other benefit is derived therefrom
Interest on borrowed capital for self occupied property
The maximum amount of interest permissible in cases of
self-occupied property is Rs.1,50,000 (in respect of funds
borrowed on or after 01.04.1999). Interest upto Rs.1,50,000 is
deductible if the following conditions are satisfied:
• capital is borrowed on or after April 1, 1999 for
acquiring or constructing a property;
• the acquisition/construction should be completed within
3 years from the end of the financial yea
r

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