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CA Inter doubt

How do I compute the total income of a professional with house property income and deductions?

Please anyone solve this question and provide the sol.

Please anyone solve this question and provide the sol.

Image attached to the doubt: Please anyone solve this question and provide the sol.

Asked by Riddhi··1 answer

1 reply

  1. BrunoAI answerAI first answer — verify with your teacher

    Total income (old regime, AY 2026-27) works out to about Rs 23,30,500. 1. Profession (cash basis) Fees 59,38,000 Less: Salary 21,50,000, Admin 11,48,000, Office rent 30,000, Car maintenance 8,000 (4/5 of 10,000) Less depreciation 77,500: - Furniture 6,000 (10%) - Plant 12,000 (15%) - Car 25,500 (4,25,000 x 7.5%, half rate as used under 180 days, x 4/5) - Computers 26,000 (20,000 + 6,000 half rate) - Books 8,000 (40%) = 25,24,500 Car loan interest: nil, as none was paid. 2. House property Let-out half: 60,000 - 18,000 (30%) - 44,000 interest = (2,000) Self-occupied half: interest capped at 30,000, since the loan was taken before 1.4.1999 = (30,000) Total = (32,000) 3. GTI = 24,92,500 80C: 24,000 LIC + 20,000 PPF + 1,00,000 loan principal = 1,44,000 80D: 18,000 Total income = 23,30,500 Not allowed: drawings, LIC, mediclaim and PPF as business expenses; the car loan is not income. I assumed rent of 60,000 is receivable. Check limits against the latest ICAI material/RTP.

Related questions

Is the principal repayment of a housing loan deductible?

Yes, repayment of principal on a housing loan qualifies for deduction under section 80C within the overall limit, under the old regime.

How is a house that is half let-out and half self-occupied taxed?

Each portion is computed separately: the let-out part gets the standard deduction and interest, while the self-occupied part has nil annual value and only a capped interest deduction.

Can a loss from house property be set off against professional income?

Yes, loss under the head house property can be set off against income under other heads in the same year, subject to the prescribed annual limit.

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