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Direct Taxation
House property is partly Let out and partly self occupied then int on borrowed capital restriction to 2lakhs or unlimited ??
Answers (7)
Varun Jakkinapalli Faculty
Even if leased for a day, we should take NAV for entire year and therefore interest on borrowed capital is not restricted. To put it simple, 2 Lakhs limit does not apply.
NAV for entire year ?? I can't understand sir But i understand interest on on borrowed capital is entire amt with out limitation. Estimated rent for 12m or Actual rent - let out period Which ever is earlier is GAV
Nithya kalyani
In case of the HP let out for part of the year and self occupied for a part it should be considered as let out for the entire year. The expected rental value compared to annual rental value(let out period) whichever is higher is the GAV.
Sir said NAv for entire year what is that Gav- municipal tax paid by owner= NAV NAV for entire year ??
Thread Starter
Aswini GorigeSir said NAv for entire year what is that Gav- municipal tax paid by owner= NAV NAV for entire year ??
Ok now i understood NAv incase of partly let out and partly self occupied then NAV is not nil
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