Hi, how are you all?
Friends, let me tell you, I am also very good.
I welcome you all to a new episode of Dharavai.
My name is C. S. Gupta Sir.
And we will take the discussion a little ahead today.
We have just reached the end of the chapter of house
property.
And today, as far as I feel, in this lecture, this chapter
will end.
And we will end it for sure.
Before we move ahead with our lecture on knowledge,
I thought of sharing a thought with you all.
The thought is, friends, that wealth and knowledge are two
different things in life.
But the biggest thing between the two is knowledge.
Because a wise man can become rich by using his wisdom.
But a rich man can never buy wisdom from his wealth,
friends.
You must have seen many such examples in your life.
Like my childhood friend, Mukubhai's father, Mr.
Dhirubhai Mani, who had come from a very small background.
And by using his wisdom, he has come so far that today, big
professionals also join hands with him and ask him for jobs.
So friends, running after knowledge in life.
Knowledge will make you capable.
And knowledge will give you a position in your society,
friends.
We will take the discussion of this knowledge further,
friends.
With this, we start today's lecture.
In the last lecture, we talked about the gross annual
value, which was minused by municipal tax.
And we came to the net annual value.
Now, the net annual value, two things were also minused
from it.
There was a standard deduction of 30%, which we minused of
30% NAV.
What was that basically for?
Like if you want to rent a house, or you have rented it and
you have paid for it.
Or you have done some work with tiles, or you have spent on
repair and maintenance.
So the government said, don't worry, we will deduct 30% of
that house's NAV every year.
But friends, the government also said that what we are
talking about, we were talking about let-out property.
Don't use these words for self-occupied.
Okay, sir.
Is it so?
Yes, sir.
The government said, let's try to understand the logic
behind this.
The government said that when we took the annual value of
self-occupied property as zero, we are not asking you for
tax from it.
We have made its value zero.
So why are you minusing something from it?
You sit quietly, we have made your value zero.
We are talking about those people who have let-out their
property.
Those who have leased their property.
They are getting rent from there.
And if they spend a little on that property, get it
repaired, then that money will be minused from there.
In the case of let-out property, you will get a standard
deduction of 30%.
But in the case of self-occupied property, the government
does not allow you.
And as I told you, if the house property is your stock,
what is your job?
To buy the house.
Keep it for 1-2 years, 6 months.
When its value increases, sell it.
But I had said that if it is not sold for 2 years, then it
will also be considered that its annual value was zero.
So where the annual value is zero, will I need a standard
deduction?
Yes or no?
Will I need it?
No.
Then why will I minus it?
This was the concept.
If I have rented a house, then I will reduce the standard
deduction of 30%.
But if it is a self-occupied property, then I will not need
to reduce anything.
This was the point.
After that, we had discussed about actual rent.
I had said that if you had rented a house to a person like
Vijay Mallya, and he ran away abroad, then in that case, we
had said that if the person asks such a question, then take
the actual rent for the whole year, and minus the rent that
you are not able to recover.
This was a simple thing.
And sometimes it happens that he is a decent person, and
let's say he did not get his salary from behind.
And he said that I did not get my salary, so I will not be
able to give this rent this month.
You can give me this next month.
In general cases, the landlord also says that he is a
decent person,
I will take the rent for one month from you next month.
Don't give me the rent for one month, give me the rent for
two months.
So what will happen in that case?
The rent was due, but I did not receive it.
What did I say?
I said that the rent was due,
but I did not receive it.
So should I consider it or not?
Should I say yes or no?
Yes, I will do it.
I did not receive it, but it was due.
In a way, I have earned that income.
I am not giving it now, I will give it next month.
I have earned it, so I will add it to my actual rent.
But the person who is not receiving it, the person who has
run away, who will not give the rent, who is unrealized,
I will minus that.
From whom?
From the actual rent.
This was the concept, friends.
Then if you remember, we talked about interest, where I
gave you the example of Mukesh Ambani, that he has made his
Antilla worth 11,000 crores, where I keep going in between
and keep meeting my friends.
He said that I have made a loan worth 11,000 crores, so the
interest I will give on that loan,
I will get a cut of that.
I will minus that interest from my NAV.
Okay, sir?
Do you understand?
Why are you telling me again and again?
I am not telling you again and again,
I am getting it revised.
This is the thing.
But if you remember,
I said that if you give this property on rent, then
whatever interest you are giving, minus that.
But, if it is a self-occupied property, you yourself live
in that house, you have made a house for yourself, and you
have made that house with a home loan, then the interest
you will pay, we have set a limit for that, that we will
not give your deduction above this limit.
So, let's discuss a little on that limit, and along with
that, we talked about the pre-construction period.
Yes, sir? What?
Pre-construction period.
Pre means before.
Construction means the period before the construction.
I took a loan today, worth 10 crores for example, and it
took me two years to build the house.
You remember, I made you do it yesterday, in the last
lecture, that I took a loan worth 10 crores today, the
house is being built, so, when I take a loan, my interest
will be due from that day itself.
By the end of the year,
I will have paid my interest for that year, then I will
have paid my interest for the next year as well, but my
house is ready in the third year.
So, what should I do now?
Sir, you had said that, if you pay the rent, you will get a
minus, and if you live in that house, you will get a minus
up to a limit.
But, the property has not been built yet.
What should I do now?
I had said that, before the construction of the house,
whatever interest you have paid, you will get a minus in
five equal installments, every year, from the time the
house is built, from that year.
I have made a diagram at the back.
Director sir, please have a look.
Look at this.
Look at this carefully.
I have taken a loan worth 10 crores up here,
I have taken a loan worth 10 crores.
Look at this.
I have taken a loan worth 10 crores.
I have an interest rate of 10%.
It is a simple calculation.
What is the interest rate for a year?
It is 1 crore.
I have taken a loan here, on April 1, 2019.
So, my interest rate for 2019-20 will be 1 crore.
Then, my interest rate for 2021 will also be 1 crore.
But, my property has been built here.
My property has been built here.
I am going to rent it out in the future.
Let's assume this.
So, this is 1 crore.
I have already paid it.
Because, my interest rate goes from the same day when I
took the loan.
Every year,
I will be paying it.
What does the bank have to do with it?
When is my property being built?
The bank says, we have given you the money.
Give it to me.
I have paid my 1 crore interest rate here this year.
I have paid my 1 crore interest rate here.
My property was built in 2021.
What will I do now?
Because, my property was built in 2021,
what did I do first?
My 1 crore interest rate is going on every year.
My 1 crore interest rate is going on every year. full minus
karunga. Samashto? Woh ek ek crore toh jaayenge jaayenge.
Lekin ye jo 2 crore maine haan bhar diye hain, ye abhi tak
kahi se minus toh nahi hua? Abhi tak minus nahi hua the na?
Kyuki makaan mera yaha bana.
Yaha toh maine kuch minus kiya hi nahi.
Jab house hi nahi tha, toh house property nahi thi, toh
income kaunsi house property kiya jayegi?
Toh abhi tak ye minus hua nahi tha.
Ye minus kaise karna tha? Maine ye kaha tha ki makaan banne
se pehle, jitna bhi aapne byaaj diya hai, mool nahi, byaaj.
Kyuki mool ki deduction kahi aur milti hai.
Wo main baad mein charcha karunga.
Jitna bhi aapne byaaj pay kiya hai, usko paanch kishton
mein divide kar do.
2 crore rupee diya hai, toh paanch kishton ke aisaabse
40-40 lakh rupee aagaya.
Toh har saal aapko yaha se 40-40 lakh ki deduction
milti chali jayegi.
Aur ek ek crore toh mil hi raha hai aapko.
Toh total ek crore aur
40 lakh.
Ek crore 40 lakh ki aapko har saal deduction mil jayegi.
Ek ek crore ki jo aap aage apna byaaj bharoge uski poori
full mil jayegi.
Aur jo purana aapne byaaj bhara hai ye, iski 40-40 lakh ki
mil jayegi.
Ye agar aap is diagram ko utarna chahe hain apni copy pe
toh aap uthar sakte hain.
Ye concept hain dosto.
Ye concept hain.
Chalain dosto aage?
Isko pause karke aap isko apni copy pe uthar lena.
Main aage jarcha karta hu aapse next
topic ke upar.
Dekha lijiye isko samajh lijiye aaram se.
Time laga lijiye.
Time lagayenge
cheezon ke upar tabhi clear hoti hain cheezon.
Upar upar se dekhne se kuch samajh nahi aata
dost. Zindagi hai, time maangti hai ye.
Sir interest aapne bola ki ek ek crore rupaih
hai. Sir mera ye sawal hai ki maan lijiye main kisi varsh
interest ki payment nahi kar paya.
Kuch aisa mere saath hogaya.
Mere kuch aise gharay nakshatra palte ki rahu mere upar
chal gaya.
Mera diwala pit gaya.
Main payment toh nahi kar paya.
Bank se reminder pe reminder aate rahe ki bhaiya aapka ye
interest ki payment due ho rahe hai.
Kyu nahi kar rahe? Lekin mere jem mein paise rahe nahi aur
main payment nahi kar paya interest ki.
Toh tab bhi kya minus karna hai? Soch ke batao.
Socho zara is baare mein.
Doston is case mein bhi minus karna hai.
Interest jo act mein likha hai unhone ye bola hai ki agar
interest aapka due bhi ho jata hai toh bhi aap minus kar
lena.
Aisa kyu main keh rahe hoon? Kyuki doston sarkar ko
objective hai.
Aap samjho is baat ko.
Unka objective ye hai ki zyada se zyada log apne gharon
mein rahe hain.
Apne khud ke ghar kharide hain.
Agar main aisa karna chalu kar dunga ki bhaiya agar aap
interest actual mein pay hi karoge toh kuch main
restriction laga di logon ke upar.
Toh usse kya hoga ki wo demotivate ho jate hain apna ghar
gharidne ke liye.
Sarkar ko ye hai ki theek hai aap loan le lijiye.
Loan lenge toh banking sector bhi chalta rahega.
Hum byaaj ki dare bhi aapke upar kam laga denge.
Aap apna byaaj ek baar start toh karo.
Thoda bod do agar due bhi ho gaya toh bhi hum aapka minus
kar denge.
Symbol sa ye concept hai.
Objective sanjhne ki zaroor dhoti hai dostam.
Dekh lijiye aur.
Accha sir.
Toh ye baat thi.
Haan ji dostam.
Ye baat thi.
Aayiye main baap aapko apni screen ke upar leke chalta hun.
Isko main zara clear kar deta hun.
Agar aapne note kar liya hoga isko.
Sir aap keh rahe the ki self-occupied property ke case mein
koi limit hoti hai? Ye toh let out ke aapne baat kar liye.
Ye toh sir main samajh mein aagaya mere ki let out property
ke case mein koi limit nahi hai.
Ye hi hai na dost?
Haan ji.
Ye hi baat hai.
Let out property ke case mein interest ko minus karne ki
koi limit nahi hai.
Jitna aapka interest due ho jata hai.
Aap usko waise waise minus kar dena.
Lekin self-occupied property hai.
Kyuki self-occupied property thi.
Toh annual value zero ho gayi thi.
Annual value zero thi.
Is wajah se koi 30% ki deduction humne nahi di thi.
Aur hum sarkar ne ye bhi bol diya tha ki aap jo interest
pay karoge.
Interest ka matlab normal jo aap interest pay karoge wo toh
hai hi hai.
Saath mein wo interest bhi hai.
Wo jo pre jo construction wala interest aap 5 equal
instalment mein doge.
Wo plus full wala.
Wo total jo hai 2 lakh rupe tak ki hi saalana deduction
aapko milegi.
Byaaj ki? Kis cheez mein se? Net annual value mein se.
Kis ke regarding?
Self-occupied property ke regarding.
Aapki koi aisi property hai jismein aap khud rehte ho.
Us property ko kharidne ke liye aapne kahin se loan liya
hai.
Ya us property ka nirman karane ke liye construction
karwane ke liye aapne kahin se loan liya hai.
se se mera matlab hai.
Na ki sirf bank.
Na ki sirf financial institutions.
Aap apne doston se bhi le sakte ho.
Aap apne rishtedaron se bhi le sakte ho wo loan.
Provided aapke paas ek kaagzi proof hona chahiye.
Ek certificate hona chahiye.
Ki haan jee maine falane falane insaan se loan liya hai.
Aur main time time pe iss loan ki kishten chukata hoon.
Interest ki aur principal amount ki.
Loan aap kisi se bhi le sakte hai.
Lekin certificate aapke paas hona chahiye.
Ye hum sab thodi dhir mein charcha karne wale hain.
Is baare mein.
To self-occupied property hai.
Us ke liye aapne loan liya hai.
Kyuki self-occupied hai to sab kuch annual value zero.
30% ki deduction mil di nahi hai.
Nahi milegi.
Aur interest bhi jo aapka hai.
Bala jo aap normal pay kar rahe ho.
Aur jo purana bhi agar aap pay kar rahe ho.
Jo 5 kishton mein aap aage jaake loge.
Wo total 2 lakh rupeon ka ho jayega.
2 lakh rupe aap minus kar lenge.
Acha sir.
Sir to yeh minus 2 lakh ho gaya.
Aap to yeh keh rahe ho.
Ki meri value phir kaise aayegi sir.
Meri income hi kya bhajji.
Jab mera zero rupe to mera annual value hi hai.
Main kaha kya baat kar rahe ho.
Mera sir aap samajh nahi rahe ho meri baat.
Aap pata nahi kya padha rahe ho sir aap.
Aap aaj kya baat kar rahe ho sir.
Main kaha kya baat ho gayi.
Main kaha sir aap log keh rahe ho ki sir.
Aap yeh kya rahe ho ki ek self-occupied property ke case
mein yeh zero hota hai.
Yeh yeh kya hai.
NAB bhi maan liye zero hai uski.
NAB zero ho gayi.
Haan ji bilkul.
Main kaha bilkul sahi baat hai.
Sir ab wo 30% wala aap doge nahi.
Wo milega nahi.
Haan ji bilkul.
Ab wo aap kya rahe ho interest jo hai.
Wo maximum 2 lakh rupeon tak ka lena hai.
To sir yeh jo income aap nikaloge house property ki.
Yeh HP ki jo nikaloge.
Yeh to minus 2 lakh ho gayi na sir.
Maximum. Yeh to minus mein aagey na sir.
Minus mein aagey na sir yeh to.
Main kaha bilkul sahi baat hai.
Minus mein aayega.
To sir phir iske upar tax kaise lagega.
Main ne kab bola iske upar tax lagega.
Main ne to yeh kahe hai ki agar yeh positive hai to uske
upar tax bhar dena.
Aur agar jaise yeh minus mein aajaye to uska solution yeh
hai ki kisi doosre head ki to income hogi.
Business wali to income hogi kahin.
Business ki to 10 lakh ki income hogi maan lo.
Agar maan lo 10 lakh ki income business ki hai.
To sarkar yeh kehti hai ki bhaiya 10 lakh ki aapki income
hai waha se.
Aur yahan aapka kuch adjustments karke minus mein aagaya.
To 10 mein se 2 hata dena.
Aur 8 lakh ki jo aapki income bach jayegi.
Uske upar tax phir kar dena.
Ya iska doosra yeh bhi kar sakte ho.
Ki maan lejiye yeh ek makaan ka hai.
Aur maan lejiye doosre makaan se aapko yahan 5 lakh ka
profit ho jata.
Ya 5 lakh ki income aati cart peet ke.
To us 5 lakh se yeh 2 minus kar dena.
Aur ultimately jo bachega 3 lakh uske upar tax pay kar dena.
Achha. To benefit deriye government.
Government yeh keh rahi hai ki minus mein bhi agar aaja hai
to koi dikkat nahi.
Us minus ki income ko kisi doosre income me se minus kar
dena.
Aur net jo amount bache wo uske upar aap tax pay kar dena.
Yeh to bahut achi baat hai sir.
Isse to meri total income kamee ho jayegi sir.
Makaan bilkul kamee ho gayi.
Sir ek baat batao.
Itne lectureon se aapko sun rahe hain, jhel rahe hain sir.
Itna to vishwas ho gaya ki kuch na kuch googly jaroor karto
sir aap.
Kya jhol hai isme? Arre bhaiya koi jhol nahi hai.
Yeh hi baat hai ki agar minus ho jaye to kisi me se jo plus
wali income hai us me se isko minus kar dena.
Aur net income ke upar aapka tax lag jayega.
hi hai.
Kuch nahi hai isme.
Sahi mein sir? Sahi bol raho? Arre bhaiya jhoot kyu bolenge
aapse? Aap humare malik hain, humare aaka hain, humare
devata hain, humare prabhu hain.
Kyu jhoot bolenge aapse hum? Kya mil jayega jhoot bolke
aapse? Cheeke sir yeh to bahut achi baat hogi.
Ji sir.
To agar aap interest le rahe hain, self-occupied property
ka.
Dhyan dena dosto, sarkar kitna motivate karte hai aapko
self-occupied property lene ke liye ki aapke yeh sabkuch
minus bhi dere hain aapko.
Sabkuch zero hai, tab bhi aapko ek minus ka advantage dere
hain.
Yeh sarkar motivate karte hai na logon ko ki aap apne ghar
kharido usme raho aap.
To yeh fayade hai dosto apne ghar kharidne ke.
Apna ghar chahe chhota ho, chahe mahal ho, chahe ghausla
ho, apna ghar to ghar hi hota hai sahab.
Neen to apne hi bistar pe jaake aayegi.
Duniya ke kisi bhi 500 hotel me chale jaana, lot ke apne
ghar
hi aana padega sahab.
Kehte hai ki nadam parinde ghar aaja.
Usko kehte nahi ki nadam parinde 500 hotel me aaja.
Ultimately nadam parinda hai to ghar hi aayega sahab.
To yeh advantage aapko mil jata hai.
So, it's a loan that you took to build a house or to buy a
house and the condition was,
I'm telling you, the condition was that you took a loan and
within five years if your house is completed, its
construction is completed, then you minus Rs.
2 lakhs from there.
Sir, it can also happen that sometimes you have to take a
loan for repairs.
There are a lot of repairs in the houses and I have to take
a loan for those repairs.
Sir, is there a limit for that also? Because you are
telling me again and again that there is a limit for
self-occupation.
Yes, absolutely. You have asked me a very good point.
A big round of applause for you.
You have asked me a very good point.
In that case, you will get a maximum of Rs. 30,000 every
year.
Okay, sir.
So, sir, what we are able to understand is that if you rent
out the house, then you will get the full interest to minus.
I said, yes, absolutely right.
And if you yourself are living in that house and you have
taken a loan to build the house and within five years if
the construction of the house is completed, then you will
get a maximum of Rs.
2 lakhs.
I said, absolutely right.
And if you have taken a loan for repairs, then you will get
a minus of Rs. 30,000.
I said, yes, absolutely right.
Okay, sir. This was the point.
But this was the whole concept.
This was the whole concept.
Let me give you a reading.
So, this government gives you some benefits.
This is the government, sir.
It takes a lot, but sometimes it also gives something.
Let us read this.
Let us try to give a reading.
And with this, we have one or two more paragraphs.
Then this chapter will be finished, friends.
Just have a little courage and confidence with me.
Friends, do have confidence in your life.
Now, I know that you are going through a very delicate
phase at your age.
You are only 19-20 years old, friends.
At this age, friends, a person remains very confused.
He keeps looking at people that he has become this, he has
taken so much risk in life.
What am I? I am nothing.
Friends, you have one thing right now.
You have an advantage of the next 10 years.
You have another advantage of your confidence.
If you spend 5-6 years on your career, because you are from
a very delicate age, don't let yourself get lost.
If you spend 5-6 years on your career without getting lost,
you will achieve such heights that you will not have to pay
any interest to build a house property.
You will build your house property with your own money.
You won't have to take any deductions.
What does life ask for? It gives you a lot.
But in return, it asks for hard work.
And always keep your confidence high.
When you go out on the road, do it like this.
Do it like this.
Like this.
That we are ourselves.
We are not right now.
But we will come in a year or two.
Now, we are ourselves.
It is our time.
Because, friends, India is a country of young people.
It is a country of young people.
The next 20-30-40 years are yours.
How to spend it?
And how high you take yourself, it decides your confidence
and your knowledge, friends.
Always keep your confidence high, friends.
And let's put a little reading on this.
Deduction section 24.
It says, minus 30% and minus interest.
It says, minus 30%.
You can actually spend more than 30%.
But only 30% will be minus.
Let's go to the next.
It says, we will never make two people minus.
This is a property deduction of 30%.
What kind of people were they, friends?
A person who had a self-occupied property.
And second, who had a stock in trade.
Like, what was his job?
To buy a house and sell it after 6 months or a year.
And if he could not sell it for 2 years, then he did not
have to take any standard deduction.
Because what was his annual value?
Then we talked about interest on borrowed capital.
What kind of interest and how to do it.
Interest payable on loan borrowed for acquisition.
Acquisition means you bought it.
Or you constructed it.
Or you repaired it.
So, you can minus it.
And suppose there is a person who roams around.
What is his job?
Today he took a loan from this bank.
Then when it was time to pay this bank, he took a loan from
some other bank.
Then when it was time to pay this bank, he took a loan from
some other bank.
The interest he will pay on it, is it possible that he will
get a deduction?
Sir, you will get a deduction.
The government has become a little lenient on this.
It has become a little relaxed.
And says that if you have taken a fresh loan to repay the
original loan, the interest you will pay on it, we will
also minus it.
That too on due basis.
Even if you have not actually paid, still we will minus it.
Then he will come here.
Pre-construction period.
In this he is saying, read this red line.
Deduction is allowed over a period of 5 years.
In equal installments.
When is it starting?
From the year of acquisition.
And when the property is ready, like in that example we
took a loan of 10 crores.
When the property was ready, then I will take the entire 1
crore.
And the rest I will take in 5 equal installments of
pre-construction.
This is what he is saying.
See this.
And he is talking about self-occupied, friends.
He is saying deduction in respect of self-occupied.
Where the annual value is zero, then what to do there?
See the condition there.
Come to the B point.
He is saying that you have taken a loan after 1999.
And the property is completed within 5 years.
So you will get a deduction of 2 lakhs of interest.
Because there were 2 self-occupied house properties.
So you can take 2 properties.
I told you that if there are 2 self-occupied, then the
value will be zero till 2.
And if there are 3, 4, 5, then it will be assumed that you
have leased it.
When it is assumed that I have leased it, then I have to
manage the entire interest of it.
And what is the limit of my self-occupied? 2 lakhs of
interest.
This is what he is saying.
Read the B point.
The first of B.
This is what he is saying.
Subject to maximum 2 lakhs of interest.
If certificate.
If you have the certificate that
I have taken a loan from this person.
That I am giving this loan to Ram Kumar Sharma.
And I am giving loan at this rate.
And I need my payment at this rate.
So it is a simple thing.
You have that certificate.
It is a self-occupied property.
So you will get to minus 2 lakhs of interest.
Then he says that if you have repaired the property.
If you have repaired any property.
By taking loan.
So its limit is 30,000 rupees.
But see this point friends.
The total interest that you will give in A and B.
It will go up to maximum 2 lakhs.
It is not possible that you have filled an interest of 2
lakhs.
To buy a self-occupied property of 2 lakhs.
So how much will he get maximum? 2 lakhs.
Absolutely right.
Then it is possible that you have taken another loan.
To repair that house a little.
You have filled an interest on it.
And that interest has come.
Of 30,000 rupees.
Did the government set any limit for it?
How much did you do? 30,000 rupees.
Now you will think that 2 lakhs.
It happened here.
I will collect this.
And I will take my deduction of 2 lakhs 30,000 rupees.
This thought came to your mind.
All this used to come to my mind when I used to study.
But that thought is wrong.
Why is it wrong?
Because the government has said.
Whatever loan you do.
On self-occupied property.
We will give you a deduction of maximum 2 lakhs.
This point says this.
See this.
This is.
That maximum whatever you do.
Whether you have taken a loan for repairs.
Or you.
To buy a house.
Or you have taken a loan to get it constructed.
Maximum you.
More than 2 lakhs.
It will not exceed.
This was friends.
This is a question.
This is your homework question.
This talks about interest.
Do ask questions friends.
It is talking about interest calculation.
See friends.
I will show you the answer of this question.
I will explain to you in the crux of this question.
What is it?
Basically it has two properties.
Of self-occupied.
So in this question.
It is what I have told.
The example I just covered.
That one interest of 2 lakhs sits.
Which is taken to buy a house.
One sits for 30,000 rupees.
How much should be taken in total? 2 lakhs 30,000.
Or 2 lakhs.
Or nothing.
I give options.
Four options.
First listen to the question.
Assume you are in Konbaniya Crorepati.
And I am.
Your host Abhita Bachchan is in front of you.
And this question is of 1 crore rupees.
You are sitting on the hot seat.
And the question is.
So, if you have taken a loan, friends, interest on one, the
loan you took to buy on self-occupied property is of Rs.
2 lakhs and you are paying interest of Rs.
30,000 for repairs, then what is the total interest to be
minused?
Option number 1, ladies and gentlemen, option number 1, Rs.
2,30,000, option number 2, Rs.
2 lakhs, option number 3, 0 or option number D, that sir,
we do not know, we are from Ram
Ghani, we are sitting to listen to the story, tell me,
friends, what would you like to take? One man is saying
that audience, audience poll, director sir, please wait,
one man is saying that he would like to take audience poll,
Narayan, are you taking class for audience poll here?
What is the correct answer to this?
Rs. 2 lakhs, well done, friends, with this you win, you
gave the correct answer and with this, friends, you win Rs.
1 crore, what will you do with so much money?
Okay, sir, why are you acting so cheap, sir?
Come on, sir, come ahead, okay, I am coming, a little
entertainment is also required, boss.
I had said that take a certificate from that person with
whom you are taking loan, so it was about the certificate
only, here is the certificate, that brother, get the
certificate furnished, furnish the interest, he will write
on the certificate that how much loan you have taken, at
what rate you have taken, how much interest will go, he is
saying this.
Come ahead, he is saying, come to some important points,
what is the first point, he is saying that ceiling limit,
it would not apply to the let-out property, there is no
limit of let-out property, whatever interest you will pay,
you will get to minus that amount.
And the deduction of interest, I had said, you will get it
on due basis, on accrual basis you will get that deduction,
this is what was coming here.
This is the chart, friends, see this chart once,
this will be there in your notes,
that what all you have to minus, so let-out property, if
you have, then standard deduction of 30% you will get
there, see, you will get 30% standard deduction,
you will get this easily, and interest will be fully
allowed, no problem, no fear, no problem,
no fear, no worry, I am with you.
And this, friends, this self-occupied thing, I was saying
here,
Director sir, focus the camera here,
we were talking about self-occupied property, so I said,
what should be done ultimately in this,
if you have taken loan for repair, then what is the
maximum, 30,
limit of 30,
and if you have taken loan for construction, then what will
be the limit, 2,00,000,
and if you have taken both these loans, then what is the
limit,
now you have won 1 crore rupees for that question,
2,00,000 limit.
Sir, you have told that I have taken loan after 1 April
1999,
you have told that I have taken loan after 1 April 1999,
that is why there is a limit of 2,00,000 and 30,000, that
is why there is a limit of 2,00,000 and 30,000,
Sir, it is also possible that some old loan is going on,
sometimes home loans are going on for 30-40 years,
suppose I bought the loan in 1995,
I took home loan in 1995,
so in that case, what is the minus, is there any limit for
that also,
in the case of self-occupied,
I said, yes, there is a limit, there is a limit of 30,000
rupees,
but that point is not so relevant now,
because in 1, 4, 1999, it has been almost 23-24 years,
that is why it was not relevant,
that is why I did not cover it,
because it is written in the Act,
that if there is a loan before 1 April 1999,
then there is a limit of 30,000,
but if there is a loan after that,
then there is a limit of 2,00,000 rupees,
you will get the limit there,
I will erase this and move ahead,
this chapter is taking its last breath,
see this format,
I am a fool,
tell me one thing,
do you still need to see the format,
in every class, I teach you the format 6 times,
what is the format,
to deduct the income of the house property,
what was it, GAV minus,
absolutely right,
municipal tax,
so on which will you come,
on NAV,
from NAV, the same standard deduction of 30%
and deduct the interest,
so on which will you come, friends,
on the house property income,
do you remember the calculation,
it was a very big calculation,
for which I applauded for you,
do you remember the calculation,
expected rent versus actual rent,
two things came in expected,
fair value,
municipal value,
do you remember that,
I am talking about that,
my teaching technique is a little different,
first I explain the thing,
and then I teach the paper,
so this is it,
so that the child understands,
first deducted the house,
deducted the municipal tax from it,
then came to the net,
and then,
your house property income,
you calculated it,
these are some illustrations for your homework,
you can practice this,
or you can practice,
because I have already covered these illustrations many
times in the class,
they are the same, there is nothing different in them,
it is the same format,
in every question the same format,
let me show you a solution,
for example,
this was a self-occupied property of Mrs.
so the maximum deduction of this loan,
how much was she getting,
up to 2 lakh rupees,
because the total interest was 2,52,000 rupees,
but I said what is the limit,
even if it is 2,52,000,
still we will give up to 2,00,000,
so what will happen to you,
the house property income will go to minus,
and because the house property income has come to minus,
so if you have any other property,
for example,
that is on rent,
deduct it from that,
the net that will come to you,
that will become taxable,
this is it friends,
these illustrations are going on,
these are examples,
you can solve it at home,
they are very simple,
and I have done this many times in the class,
like Anthony Gonzalez,
I gave you an example,
so these are those things,
this is our second last topic,
sometimes it happens that
you have taken a loan from a foreign bank,
you have taken a loan from Bank of Singapore,
so in that case also, will you get a deduction of interest,
definitely you will get,
but we will read further,
there is a chapter on TDS,
if you have deducted TDS and paid the interest,
then you will definitely get a deduction of interest,
in that case,
section no.
25 says,
that interest chargeable
under this act,
which is payable outside India,
shall not be deducted
if
tax has not been paid, from such interest,
if you have not deducted TDS,
then you will not get a deduction of interest,
what is TDS sir,
we will discuss further,
either hold it or ignore this section,
when TDS point will come,
then it will be clear to you,
for now remember that
if you pay interest abroad,
then after deducting TDS,
then you will have to pay that,
if you have done this,
then you will get a deduction of that interest,
simple point,
sometimes it happens that
you have to pay rent,
like we were talking about
actual rent,
so I had said that
Vijay Mallya,
for 12 months,
for 9 months
he was Vijay Mallya,
so he kept paying me
and in the last 3 months
he ran away to London,
and I could not receive
my rent from that person,
so I told you to deduct that
which you could not receive,
but friends,
that Vijay Mallya,
after 4 years,
he was found in Haridwar,
so I asked him,
the news came that
he is spending the life of
Aishwarya Rao there,
so he said,
Mr. Gupta,
you are a Chartered Accountant,
so please understand that
my heart has changed,
I started having such dreams
that I have committed
some sins in this country
and to atone for those sins
I have come to Haridwar,
I wear a lungi in Haridwar
and do dip everyday,
I live here on the banks
and serve the poor,
and to atone for my sins
I do something like this,
so I told him that
if you want to atone
for your sins,
you are serving the poor
and that is a very good thing,
but you should also serve
that poor person
for whom you had to pay
3 months rent
and ran away to London
and did not even show mercy,
so he said that
you are a Chartered Accountant
and you paid the rent
of that person for 3 months
and you said that
I will work,
so you are serving
the poor
and that is a very good thing,
so I told him that
if you want to atone
for your sins
you should also
serve
that poor
and that is a very good thing, I have to atone for my sins,
so I will pay off the 3 month rent. Friends, now understand
this case that you had paid off your rent because it was
not received. But now that rent has been received after 4
years. Now how will you pay the tax on it?
And I will add another complexity to this.
Assume that you sold the property, now you are not the
owner of that property.
So now what will you do? Have you ever thought about this?
The government says, no problem.
See, the government keeps an eye on everyone, what you are
earning from where.
So if this thought was coming to your mind that tax will
not be imposed on this money,
then slap yourself one by one.
Brother, it has become your income.
You got the receipt this year.
At that time, you had minused it.
You got a benefit of minusing it.
Now you are getting the receipt.
When the receipt is being received, then tax will be
imposed on it.
So the government will say, brother, come and pay your tax.
So that man was going to pay his tax, crying.
The owner of Vijay Mallya's house was crying to pay his tax.
So I stopped him on the way.
I said, brother, tell me one thing.
Why are you crying?
He said, my rent of 3 months is Rs.
10,000 per month,
and my income is Rs. 30,000 per month.
So I am going to pay the tax on it.
I said, brother, tell me one thing.
You have taken our class.
Have you taken it? He said, yes, I have taken it.
So don't you remember that I had told you to reduce the
standard deduction of 30%
if the property has been leased.
He said, Mr. Gupta, you are right.
Why didn't it come to my mind?
I said, you are not seeing our class properly.
You are focusing on the fact that Vijay Mallya took your
money and ran away.
He said, so what should I do?
I said, what do you mean by what should I do?
He said, brother, if you have received Rs.
then you will also reduce 30% of that property.
He said, yes, I will do it.
I said, so that's it.
Now you pay the tax on the net amount that you have
received.
He said, this is a very good thing.
I said, this is it.
This is our next point.
Please come here.
Mr. Director, please focus on the screen.
Section 25A.
It says that if you get an unrealized rent from somewhere,
then it will be taxable in the year of receipt.
So, it will be taxable in the year of receipt.
It will be taxable in the year of receipt.
The year you received it, you will be taxed.
But you must pay the 30% deduction.
And that person said to me,
now I was not the owner of that property, Mr.
so will I still pay the tax?
I said, yes, absolutely.
Because the rent that you have received, it is because you
used to be the owner at that time.
It was your legal right to take the rent
which you were not able to take.
Because you were the owner at that time,
this rent should have been taxable at that time.
But because it was not available,
it was not taxed at that time.
So, now when you are receiving it,
then above that,
by deducting the 30% standard deduction, whatever figure
will be formed,
you will deposit your tax on it.
This was the point, friends.
The point is simple.
This was the point, friends.
In this case, look at this.
This was a person and he received 10,000 rupees from here.
And the old rent was 69,000.
He got 79,000 in total.
So, what will he do?
He will give his 30% deduction.
And the 55,300 rupees that will come,
that will be the income of the house property.
He will pay tax on that.
This was the point, friends.
Look, friends.
This was the point.
Shall we move ahead?
Okay, sir, now finish.
This is the last thing.
We are finishing.
Friends, sometimes,
you must have seen,
this is a very common point,
that in India,
because you know the property rate,
friends, a person's pocket is torn
in buying a house,
in buying a shop.
So, sometimes what people do is,
2-3 people buy a property in share.
This is a very common thing.
You must have heard that you bought a property in share.
Brother, there is a property worth 1 crore.
So, 4 people got together
and said, brother, 25 lakh rupees,
you deposit everything
and we will buy a property.
Okay, now what will you do?
Brother, what will we do?
If we will run that property on rent,
the rent that will come from it,
all 4 will equally share it.
This is a very common thing.
You must have heard this somewhere.
So, what happens in that case is,
all 4 will become co-owners.
All 4 will become owners.
So, in a way,
they become co-owners.
Now, suppose that property is on rent.
So, the rent,
the provisions that we have discussed till now,
gross annual value,
assume that a person has rented it.
I will write it down and explain it to you.
You will get clarity on the point.
Please see.
This is the last one, friends.
Take a little confidence.
For example,
this was a property
worth 1 crore rupees
and 4 people
or suppose 3 people came.
His name was
Amar,
his name was Akbar
and his name was
Anthony.
When all 3 are together,
what do they sing?
Amar Akbar,
Anthony.
So, he invested 33 lakhs.
33.33.
He invested 33.33 lakhs
and he invested 33.33 lakhs.
And what did he do with this property?
He leased it.
Assume that the rent is
30,000 rupees
per month
and that 30,000 rupees per month
is distributed among all 3.
Director, please focus here.
See,
all 3 are distributed among each other.
So, in this case,
don't do anything.
If you want to calculate their income,
assume that
30,000 rupees is earned by one person.
According to that one person,
prepare the calculation.
Gross Annual Value minus Municipal Tax
minus Standard Deduction
from Net
minus Interest
that is your house property income.
Now, you have that figure.
Now, divide that figure among 3 people.
It is simple.
If you want to divide it,
take one person's total
and divide it among 3 people.
Simple. This is the concept.
This is the concept.
See this.
This was a case of let-out.
They rented the house.
Sometimes, it happens that
instead of letting out,
they come to stay.
They say, you are my brother.
You are also my brother.
Come, all 3 of us will bring revolution in this country.
Come, all 3 of us
will buy this house
and start living here.
So, they are self-occupied.
Now, it is a self-occupied property.
So, where will be the problem?
Annual value will be zero.
Municipal Tax, we will minus.
We don't do it.
So, where will we come?
Net Annual Value will be zero.
Standard Deduction, we will minus.
We don't do it in the case of self-occupied.
What will be left?
Interest.
We have put a limit of Rs. 2,00,000.
Now, my question to you is
Here, I will ask you a question.
I will ask you a question.
And I can say with confidence
that you will do wrong, all of you are useless.
Don't feel bad about being useless.
I call my dear ones as useless.
My question is
that the limit of Rs.
which I had put
in the case of self-occupied property,
will all 3 get it separately
or will it remain one for all 3?
This is my question to you.
Now, think about it and tell me.
Sir, the limit of Rs.
will look different for Amar, Akbar and Anthony
that they have to take a limit of Rs. 2,00,000 for all 3.
Answer is
First, you tell me.
What should be the answer?
No, this is the answer.
The answer is
I am telling you again and again
that the government should give benefit to self-occupied
people.
Now, tell me, useless people, what should be the answer?
Separately.
Absolutely right.
The limit of Rs. 2,00,000 has to be taken separately.
The limit of Rs.
2,00,000 for Amar, Akbar and Anthony
has to be taken separately.
This is the answer.
This person will get 2 lakhs separately, this person will
get 2 lakhs separately and this person will get 2 lakhs
separately.
It is a simple thing. This is the point.
Again understand if you have any doubt.
Let out is clear, nothing to do in let out.
If you are paying the whole year's rent, then take out the
total from one person.
Assume that there was only one person.
Take out the total and divide it into three parts.
Means all the owners were divided into three parts.
The problem was coming in the case of self-occupied.
The problem that was coming was coming in the case of
self-occupied.
That this was a house and all three used to live here.
Amar, Akbar and Anthony all three used to live here.
They said that we are lost brothers.
Today we have met after 25 years.
From now we will live in one house.
All three of us put the money together and buy this house
in share.
And we will live in it.
So everyone took loan and bought this house.
Amar took loan from Bank of America.
Akbar took loan from Bank of Kuwait.
And Anthony Gonsalves said that our name is Anthony
Gonsalves.
Our ABCL company runs and we took loan from there.
So they took loan.
Now loan because it is a self-occupied property.
And our limit of 2 lakhs in this case.
This will get separate, this will get separate, this will
get separate.
Is the point clear?
Any problem?
Sir, what will be the problem?
You are teaching so well.
You are looking so handsome sir.
What should I say sir?
Sir, what are your qualities?
You are looking so good sir.
You are teaching so well.
Sir, from where will there be any doubt?
I said son, I will tell you the doubt now.
Where will you get doubt?
Assume that this man's name was Anthony Gonsalves.
And Anthony Gonsalves never had a single property.
He has many properties.
Assume that he has this property and he has one more
property.
Which he has taken for self-occupation.
He lives here and he lives here.
Now tell me.
And he has taken loan for this also.
He had taken loan here also.
And he had taken loan here also.
Now tell me brother, what happened?
Director sir, please focus here a little.
Here.
Yes, that's fine.
He had taken loan for this property also by Anthony
Gonsalves.
And he had taken loan for this property also.
Now what to do?
Now will we get 2 lakhs limit or 4 lakhs limit?
Will we get 2 lakhs limit or 4 lakhs limit?
Government says, brother, tell me one thing.
Are you sitting here to rob us?
We are distributing limits to you.
We are distributing different limits to every person.
Even after that, if one person takes 6-8 houses and roams
around, will we distribute them to everyone separately?
Government said, if it is like this, brother, if you are
self-occupied, then you will get only one limit of 2 lakhs.
Now take from this or from this.
He has set a limit of 2 lakhs for every person.
That's it.
Now what all does that person buy in future?
We will not give its deduction here.
If we are a self-occupied property of one person, then we
give its deduction of 2 lakhs.
If he is taking more than that, then maximum will be of 2
lakhs.
You have to take it.
He has taken some other property of his here and he also
had a co-owner here.
So the maximum that we will give him, how much will we give
him? 2 lakhs.
This will be your maximum.
See this.
It is not possible that you take a loan deduction here
also, you take a loan deduction here also, you take it for
somewhere else also.
Because friends, it happens that the rich people, they have
many properties and they show that everything is
self-occupied.
Why do they show like this?
They show like this so that when it is minus, everything
comes in minus, 2 lakhs.
Because the income is so much from somewhere else.
If I deduct it from here, then that income will start
decreasing little by little.
So the government also understands that what will this
person do?
If I keep distributing limits like this, then he will keep
taking limits of 2 lakhs for every house and his income
from somewhere else, his business income will start
decreasing from there.
That is why the government says this.
And especially the rich people, they don't even need to
take a loan.
They don't even need to take a loan.
They just show on the papers that I have taken a loan and
they take the 2 lakhs interest deduction.
Are you understanding what I am saying?
That is why the government said this.
We also know that you are a rich party.
You don't need a loan.
You are showing this by taking a loan in books and papers
that you are paying 2 lakhs interest and you will reduce
your income from somewhere else.
That is why the limit we will give you is 2 lakhs for one
person.
This is Ammar Akbar Anthony.
If he has another property for which he takes a loan, then
the limit will be 2 lakhs.
This is the point.
See this once.
Is the point clear?
Is it okay?
This was it. Let's read it once.
This one.
The property that is owned by 2 or more people and their
share is definite.
Like Ammar Akbar Anthony knew that he will give 1 third and
he will give 1 third.
So the income will go to the house property.
It will not go to the AOP's income.
And come to the second point.
The share income of each co-owner.
Each co-owner means Ammar is different,
Akbar is different, Anthony is different.
Should be determined in accordance with 22-25.
And include it in your individual assessment.
Every co-owner's income will be different.
If it is the same let-out, then divide it into 3 parts.
In case of self-occupied, as I told you.
And he is saying that if the property he is co-owning
is also self-occupied.
Like it was in our case.
Property owned by the co-owner is self-occupied.
By each of the co-owners.
So the annual value, because in the case of self-occupied,
what is the annual value? 0.
And each co-owner shall be entitled to deduction of 30,000
or 2,00,000 as the case may be.
What is he saying?
Each co-owner.
Each co-owner shall be entitled.
Every co-owner will get a deduction of 2,00,000.
Both Ammar, Akbar and Anthony.
All three will get a deduction of 2,00,000.
But he says that aggregate deduction, however.
Aggregate means total.
Total.
Total deduction of interest to each co-owner.
I am talking about Anthony Gonzalez.
In Anthony Gonzalez's case, his property was here and he
had another self-occupied property with him.
So in that case, aggregate deduction of interest to each
co-owner in respect of interest
payable on loan taken for another self-occupied property
cannot exceed 2,00,000 as the case may be.
Total interest will not exceed 2,00,000.
And the fourth point he is saying is that if you let out
the income of the house property, i.e.
if you let out the house property, then you take out the
income as if only one person has owned it and later you
divide it into pieces.
It is owned by one owner and thereafter, the income so
computed will be apportioned.
Apportioned means divide.
Divide it among each co-owner as per their specific share.
According to their share, divide it accordingly.
You can see this.
Friends, this was the point.
If the co-owner owns another self-occupied property, then
the aggregator has to pay the aggregate interest from the
co-owned property and the other property cannot exceed Rs.
2 lakh.
This is the last topic.
If the co-owner owns another property, then the aggregator
has to pay the aggregate interest from the co-owned
property and the other property cannot exceed Rs. 2 lakh.
This is the last topic.
Deemed Ownership
Deemed ownership means that whether you believe it or not,
you have to believe it.
For example, people tell me that I am deemed intelligent.
Whether you believe it or not, you have to believe that I
am deemed intelligent.
This is Deemed Ownership.
In some cases, even if they are not the owner, their income
will be taxable.
For example, if the husband becomes the wife's spouse and
the wife becomes the husband's spouse.
If the husband transfers his wife's property for free, then
the transferor will be deemed as the owner.
The transferor will be deemed as the owner.
Let me tell you why this happens.
For example, let's take the example of our friend, Anthony
Gonsalves.
Anthony Gonsalves came to me and said,
Mr. Gupta, you are a seasoned chartered accountant. Please
help me with my tax planning.
I asked him, what happened?
He said, my name is Anthony Gonsalves.
As you know, I have an empty heart and an empty house.
He said, my income is Rs. 2 crore per year.
Now you tell me, does he have an income of Rs.
2 crore?
Even I know that he doesn't.
Let me take an example.
Friends, please don't take him as a real person.
This is not the class to take him seriously.
Friends, all the characters in this drama are imaginary and
have nothing to do with real life.
I want to say this so that you can tell this to someone.
Let me explain the case.
He has an income of Rs. 2 crore.
He wants to show off his income by increasing the tax rate.
He has a rental income of Rs. 2 crore.
What should he do?
You can transfer this property to your wife.
Because his rental income is Rs. 2 crore and his income is
Rs. 100 crore.
His total income is Rs. 102 crore.
And his income is Rs. 100 crore from his business, for
example.
Isn't it?
So, he will say, I will pay tax on Rs. 102 crore.
So, I advised him to reduce his rental income of Rs. 2
crore.
Can you show it to me?
So, I advised him to reduce his rental income of Rs. 2
crore.
So, I asked him how to reduce it.
I told him to transfer this property to his wife, Mrs. Jaya
Bachchan.
And what will happen?
I will tell the tenant that he will give this cheque to
Mrs. Jaya Bachchan.
What will happen?
His income of Rs. 2 crore will be reduced and his income
will remain Rs. 100 crore.
When his income is Rs. 100 crore, his tax rate will also be
reduced.
And what will happen?
His wife, Mrs. Jaya Bachchan, did not have any income.
So, she had an exemption limit of Rs. 2.5 lakhs.
And the rebate of Rs. 2.5 lakhs was different.
She had an exemption limit of Rs. 5 lakhs.
So, her income of Rs. 2 crore was reduced to Rs. 5 lakhs.
So, her income of Rs. 1.95 crore will be taxable.
And the slab rate will also be reduced.
The slab rate will also be different.
So, I gave him a solution.
I told him to transfer the property to his wife, Mrs. Jaya
Bachchan.
So, she does not have any income.
So, the exemption limit of Rs. 5 lakhs will be reduced to
Rs. 2 crore.
And the income of Rs. 1.95 crore will be Jaya Bachchan's.
And the tax rate will definitely be less than the tax rate
which Mr. Bachchan was paying here.
Mr. Bachchan said, I have to agree with you, Mr. Gupta.
If I am a chartered accountant, I should be like you or
else I should not be.
I said, Mr.
Bachchan, what can we do?
It is your blessing that we get a few consultants and
clients like you.
That is how we get our income.
So, this was also in the notice of the government.
So, the government said that if you transfer a property to
your husband or wife,
without any consideration,
you transfer it for free.
It is different if you pay for it and buy it.
But if it is given for free, and if it is given to save tax,
then it will be assumed that the income which was coming
from the rental was not Jaya Bachchan's.
She did not even know what happened to her.
That income will be taxable in the hands of Anthony
Gonzalez.
It is a very simple point, friends.
In case of transfer of house property by individual to his
spouse,
otherwise than for adequate consideration.
This is the word, friends.
I am not giving money.
We did not buy an F40 car from Jaya Bachchan till date.
So, why should I buy it now?
He did not take money.
He transferred it for free,
so that tax will be reduced.
So, the transferor, means Anthony Gonzalez,
he is deemed to be the owner of the property.
So, when Anthony Gonzalez becomes the owner,
then in whose hands will the property be taxed?
In the name of Anthony Gonzalez.
But sometimes, friends, it also happens that
some relations break while moving.
It is said that the relationship between husband and wife
is like that of a scooter.
Like the front and rear wheels.
Suppose the front wheel breaks, then that relationship
breaks.
Friends, if something like this happens,
divorce happens,
agreement to live apart happens,
then in that case, this will be accepted.
And in that case, if you give the property,
for divorce, you are divorced,
and after that you transfer the property to your wife,
that brother, I am giving you this property,
so that you can live with the rent.
So, in that case,
that property will be deemed to be of Jaya Bachchan,
and not of Anthony Gonzalez.
This is the exception, friends.
In case of,
in case of transfer to spouse,
in connection with agreement to live apart,
means,
divorce, divorce, or only divorce,
If they get a divorce, the transferor will not be deemed to
be the owner, the transferee will be deemed to be the owner
of the property. Minor child, transfer of property to his
minor child, otherwise then for adequate consideration.
So, for example, a minor child, what is his name, Aradna,
Aradia Bachchan, his granddaughter, whatever his name is,
transfer to him.
Suppose, Abhishek Bachchan is under 18 years, take him in
that case.
Assume that Abhishek Bachchan is 16 years old, and transfer
him, Abhita Bachchan, to