While calculating income from house property, you have to calculate income for let out and self-occupied separately.
Pre-construction interest is allocated the ratio to both self-occupied and let out in five equal instalments from the completion of a house.
Insurance charges and painting expenses is not allowed as deduction while calculating house property income.
First Unit1/2 # Self-occupied
In case of self-occupied property, the annual value of house property is NIL.
Interest on loan is 1000*12000. So total loss will be 12000
Second Unit # Let out property.
Step 1: Calculation of Expected Rent
Expected Rent is higher of MV and FR but restricted to SR
MV is 244000, FR is 235000, SR is 220000
Therefore ER will be 220000
Step 2: Calculation of GAV:
GAV is higher of ER or AR
ER is 220000/2=110000
Actual Rent is 12000*9= 108000
Therefore GAV is 108000
If actual rent is less than expected rent due to vacancy then actual rent is to be taken as the GAV of house property.
Step 3: NAV=GAV-Municipal Taxes Paid for 1/2 portion
Step 4: NAV less Deductions under Section 24....
Less: Deduction @30%= 28008
Less; Interest 1000*12=12000
Less; preconstruction interest=0
Income from let out property 93360-28008-12000=53352
Total income from house property is 53352-12000= 41352