Upgrad LLM

it declaration


Hi, I and my brother have taken a home loan as a co-applicant for my fathers property(applicant). To declare the property as a let out property what are the things i have to follow.

Things I know:  since me and my brother is paying the loan ,We will share the loan intrest as as 50:50.

Clarifications IN: Final lettable value i am not earning any amount as rent ,as my father is the owner he is taking that amount ,How can i put the lettable value in my IT declaration even though i am not earning it!!  

 
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Lawyer at Supreme Court of India

Dear,

 

In order to claim interest exemption of above 1.5lacs each by you and your brother, property must be let out. Under section 80c of Income Tax Act, 1961 exemption of Rs.1,00,000/- is available against principal amount paid towards loan amount.

It is always beneficial to declare the property as let-out and show minimum rent to avail the benefit of above 1.5lacs against interest.

 

CA Karan Chandna

9871563826 


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