Welcome To Know at one stroke
Know at one stroke aims to simplify and present useful applications of laws in various fields to various sections of users such as individuals, finance and compliance professionals. It also aims to present information which is of general utility to the public and its users, and present such information in a user friendly manner which is easily understood by the users. The information and knowledge provided here is free for all sections of public.
Can Income under House Property be negative
For Self-occupied, Income can’t go negative as Annual Value is Nil (so municipal tax is not allowed as deduction). Interest is allowed deduction for both self occupied and let out For let out, Income can go negative both due to Municipal Tax and Interest which are allowed.
What about Interest intricacies
It is calculated on accrual basis If loan was for construction/acquisition, borrowed after 1999 and completed in 5 years of taking loan, then interest upto 2 lacs a year IF loan for repair/renovation, then interest upto 30k a year But Interest allowed deduction under Old Regime only. Interest story 3: Suppose you took a loan […]
Now the Exemptions from or Not to takes in Income
If property is used for own business/profession Two properties allowed as Self Occupied property (but they should not be actually let out). This is up from One allowed earlier. If property acquired as stock in trade, exclude such property for first 2 years
Gross Annual Value
Step 1. Expected Rent/Fair Rental Value where is higher, but subject to Standard Rent (we will come to terms later). Step 2. If Actual Rent (you got) > Step 1, then Actual Rent. Step 3. Where 2 applies (Actual Rent> Step 1) and If let out for part of the year or vacant, then actual […]