tax on loss of Letout house property

Hi Pankaj,

I have bought a flat in lonavala but i live in mumbai with my parents,

This year i have paid 2.5 lac as interest to the bank out of which I have shown 1.5 lacs as interest. Can you guide me how can I show balance 1 lac interest + munciple taxes paid as loss on house property? The rent received during the year is very minimal and via bank transfer.

What proofs are required to submit in the company if the rent received during the year is bank transfer and what form is required to fill in for declaring the loss?

Looking forward for your reply

Regards, Sanober

asked Jan 22 '12 at 12:12 by sanober 1122

If property is not self occupied and given on rent, you can claim whole interest for tax exemption. There is no limit of 1.5 lakh on such deduction.

You need to declare rental income and home loan interest with your employer. It can be done on a income declaration form with you employer (generally form 12-C).

answered Jan 23 '12 at 17:07 by Pankaj Batra 5.2k320


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Asked: Jan 22 '12 at 12:12

Seen: 2,122 times

Last updated: Jan 23 '12 at 17:07