Income from House Property | Self Occupied and Let Out Property | Income Tax | CA Shruti Gupta
Вставка
- Опубліковано 15 вер 2024
- Informative educational videos on Indian Taxation
#IncomefromHouseProperty
#SelfOccupied
#LetOutProperty
#Deduction u/s 24
#Income Tax
#Interest on housing Loan
#Standard Deduction in House Property
#Sublet income
#Income from Other sources
For inquiries: letstaxtalk@gmail.com
Disclaimer- The video is made solely for educational purposes and is not created with an intent to harm, injure or defame any person, body of persons, association, company or anyone. Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. All credit for copyright material used in the video goes to the respected owner. The viewer should always do their diligence and anyone who wishes to apply the ideas contained in the video takes full responsibility for it. Also, it is done at their own risk and consequences. We are not liable for any loss incurred, arising from the use of, or reliance on, the information provided by this video.
You make things very easy to understand. Your expression is so lucid for anyone to understand what you mean to say.
This is a very helpful video, thank you so much
Another case both spouse are employee and husband let out property in itr then what would be the provision for wife let or self occupied.
What is the minimum number of months for which property should be let out in order to claim benefits of Interest Deduction ??
Hello Madam. I Have one question. If a house property is let out for 8 or 10 months and for remaining part of the year it is used as self occupied, how should we calculate Income from the house property?
Very well explained. Thank you.Just a clarification that loss from let out property can be shared by husband wife each 2L in case loss is more than 2L. Thank you
yes, you must be co-owner of the property and you must be the co-borrower of the loan.
In that case both can get the benefit of larger deduction.
Hello CA Shruti Gupta,
If i hold three residential house properties in my name, will my third property is also considered as self occupied peoperty??? Pls clarify
Hello, the third property will be treated as deemed to be let out, and the let-out property provisions will be applicable. Moreover, you have to show a fair rent as annual value as it is a case of let out property now.
Mam both husband and wife are employee living in same house then what would be the provision of house property in each itr let out or self occupied.
@@YogeshKumar-ou1tl : in ITR for they ask for the percentage share. Fill the percentage of property husband and wife share. Book the income in that percentage.
@@CA_ShrutiGupta property fully in the name of husband
If some body is letting out property than he is already benefitting from property then why he is getting exemption on full interest paid amount? They are getting double benefit
Interest deduction is the benefit from income tax which you are paying for borrowing loan from bank and over and above the borrowed amount.
Possession for the House Property received in month of February. Given on Rent in March. Can i claim full interest deduction for the year including Pre- Construction Interest under IFHP for Income Tax ??
Could you help us in understanding the deemed let out Property? How do one calculate the NAV in deemed let out Property and how to get standard rent and municipal value
You can refer to my video on your related queries and the link is mentioned below
ua-cam.com/video/_nhhJXfjQFs/v-deo.htmlsi=-KmcGBKtovxrBee4
"In case of let out property , if the losses it above 2Lakhs , then it can be settled against the other Sources of income "
Can you have a detailed video on how to settle those and how to show them while ITR filing ? It will be a great add on to add process by showing a demo on ITR website This will provide more clarity in your video .
You can watch my vedio on loss from House property. The link is as under
ua-cam.com/video/_nhhJXfjQFs/v-deo.htmlsi=UrvOUznSE6Xi9FpP
You can also check me playlist on House Property income
पति और पत्नी के नाम संयुक्त संपत्ति पर किराये की आय को आयकर रिटर्न में पति और पत्नी के नाम 80% और पत्नी के नाम 20% क्या दिखा सकता है जबकी प्रोपोर्टी में कोई अनुपात नहीं है
Expenses on vacant property how decat
Standard deduction 30% first then municipal taxes . Not first municipal taxes
First deduct municipal taxes from rent, then on the balance amount calculate 30% standard deduction
Hi , Can you please confirm: The total interest on house which is let out can minus from total GAV or here also it limit to 2 LAKH , As other video says its 2 LAKH only.
Also, if I am getting a rent from self occupied property I mean I am also staying in the same property then where I will show the rent income?
Thanks
Thanks for the crisp and detailed video, Shruti. This is very helpful.
Can you please explain about section 80EEA?
Is there any way to claim deduction on the principal amount other than 80C?
Hello, you can refer my vedio on deductions . The link is as under
ua-cam.com/video/wSjMIgqzBr8/v-deo.htmlsi=mKxPBcUTuQmAL1iU
मैडम जी आपने बताया कि संयुक्त संपत्ति पर किराया पूरा दिखाया जा सकता है। यदि पूरा किराया दिखाता हूं तो आईटीआर 2 में सह मालिक कॉलम में हां करने के लिए शेयर अनुपात दिखाने के लिए कहता है यदि कुछ भी शेयर दिखाता हूं तो किराया उसी अनुपात में विभाजित कर देता हे . क्या मुझे अपनी पत्नी का शेयर 0% दिखाना होगा कृपया सलाह दें क्योंकि मुझे ITR 2 ही भरना है
If there are three co owner but a third co owner has taken a loan of 21% of the property value.but a flat has given on rent by second co owner.leave n license agreement is made in the name of second co owner.then can a third co owner claim under income from house property
Thnx madam
Mam Nps 14% employer contribution salary sec 17(1) me add add kerke form 16 me show nahi Kiya ha to hum edit kerke show ker sekte ha of fir 80ccd (2) me govt. Employee ke case me full deduction le sekte ha kya kindly suggest.
Sure, you are correct.
@@bulackigaming7533 thanks mam
Hello Mam,
I had a quick question, I bought 1 property back in 2021 and possession of house is in 2025, so can I still claim the loss on interest on that properly since I am paying EMI for that ?
If not then after possession in 2025, how can I claim loss on interest for 4 year from 2021 to 2025?
Ma'am we have given our house for govt hostel for 3 years, how much percentage TDS deduction will be done?
Tnx u so much mam
Ma'am if property 11 months k liye let out ho to annual value ko 11 month k liy hi nikalana h ya 12 month k liy
One property jointly with my wife .no share shown in my property paper .the Full rent paid by tenant directly in my account. Please advise full rent may be shown in ITR 2 and procedure
Yes full rent required to be shown in your account under the head income from house property
Yadi full rent.show kar sakta hu lekin ITR 2 me co owner colony me yes karane per share retio show karane ke leye kehta he yadi share show karta hu to rent usi portion me devide kar deta he please advise kyunki me ITR 2 hi bhar sakta hu
@@dharampalkapoor2011 finally apne kya kia
please tell
mam please guide
Mam itr file karte wqat let out dalna h ya kuch or option main rent per rahta hu .mera koi rent nhi aata
I have a doubt in case the person is under default tax regime, then can deduction for interest on borrowings be decuted for let out property ?
For fy 2023-24, under default tax regime, deduction of interest on borrowed loan is available if the assessee has income from let out property. No deduction of interest is allowed in the case of self occupied property
For under construction property we cannot claim the interest portion right in 24b
Yes.. once it is fully constructed, then you can claim the deduction of interest
@@CA_ShrutiGupta so can we claim the interest paid for past years during which the property was under construction
@@adityarustagi1411 there is different calculation for pre construction interest deduction.
The total pre-construction interest amount is required to be taken as deduction in the next 5 years(post construction ) in 5 equal installments.
If we pay house rent above 50k per month, then its mandatory to fill advance tax? if yes then who should do that tenent or Owner ?
If the total tax liability is more than 10,000 then the advance tax is required to be paid. The advance tax is required to be paid by the owner only.
You can refer my videos on advance tax for more clarity
If u want more subscribers then take an Excel and clearly show us. Understand the viewers😊
is there any exemption in Rented house property in new tax regime? if yes then what are there?
You can refer to my video and share with you the link to the video:
ua-cam.com/video/NiYHtL-MaLs/v-deo.htmlsi=1C-yTYsdgPffK69-
I have owned one property and its home loan setteled and I am and currently living in parents property.Now I purchased on property in same apartment where my parents are residing.1st own property is letout.I am shifting in my 2nd property in few months.
Kindly guide how can consider both property for Income tax.
Rental income will be shown from 1st property that is let out and 2nd property will be self occupied
@@CA_ShrutiGupta thank you mam
Hello shruti, can we show let out property declaration at time of itr instead of corporate (my company)
Yes at the time of filing ITR you can include all the incomes which you have not declared to your compnay
@@CA_ShrutiGupta thanks a lot and as you mentioned , there is no limit for interest payed in case of let out property so suppose
My let out property income is 360000
Mcd - 1500
Standard deduction - 108000
Then amount is - 360000-1500-108000= 250500
Then tax will be applied on 250500%30
And loan interest paid - 5 lakh yearly
So my income becomes negative i.e in loss
So in that case I don't need to pay any tax or anything on my rental income right?
Please confirm
How many let out properties can avail the benefit of interest deduction and loss if at all
There is no restriction on the number of let out properties to be held by an individual
@@CA_ShrutiGupta so can someone owning 3 houses as let out property and having bank interest more than rent recieved setoff loss upto 2lac from each property.
In case of ground floor shelf occupied and first floor let out ?
Ground floor will be treated as self occupied and the first floor will be treated as let out.
hello lets say i bought property worth 1.4cr in mumbai and loan amt is 1cr with tenure of 20years
what would be max tax deduction on interest i can avail if i let out my poperty for rent amout let say 35k per month
Also what would be better to stay under that proper or give it for rent as i come under 30% bracket planning to save as much as tax
also my principal amt for first yr will be around 2.5 lakh and interest 8.5lakh approx
In case of let out there is no limit of interest paid on loan taken for house property. However, the loss from HP, after adjusting interest from rental income, should not exceed Rs. 2.00 lakhs.
If I have let out my property for 6 months at 20k per month which is equal to 1.2 lakh.
And I have interest on home loan is 5 lakh.
Will my net loss be considered as 3.8 or can I not claim that?
When your house is let out for 6 months then interest deduction has to be taken for 6 months only and not for the whole year.
@@CA_ShrutiGupta for other six months shall we consider it as self occupied and claim tax benefit for that?
Do you file ITR?? How to contact
❤
Can we claim hra and loss on house property both ?
Yes, provided your residential house is not in the same city where you have taken house on rent.
Hi
Can I claim property tax in my income tax filing
No
arrey yeh sublet kya hai abb? lol
madam sirf hindi me baat karo na. aapke CA waley terms samjh me nahi aate. like set off , carry forward etc.
Aap mere setoff and carry forward wali vdos dekhege to usme mene meaning bhi samjhaya hua hai.. aap playlist dekh sakte hai