09-03-2009, 05:32 PM
Assalam u alaikum
I have little confusion regarding Loan obtained on Concessional rate from employer and it is used for acquiring an asset which generates income...
I wanna ask the treatment of the following
Loan @ 8% = Rs 1600,000
Benchmark Rate = 11%
Out of Loan,Rs 750,000 were used to purchase a flat , monthly income from rent = Rs 15000
Kindly tell me whether we shall deduct the amount (Rs 750,000) and apply benchmark rate treatment on rest (1600000-750000)?
or we should apply benchmark rate on whole amount(Rs 1600,000) and deduct such amount from the income being generated from the asset
Moreover, Our teacher said to treat all Incomes from property as FTR .. is it right if we assume that the rent is paid by the prescribed person? (if no indication in question about the rent payer)
I have little confusion regarding Loan obtained on Concessional rate from employer and it is used for acquiring an asset which generates income...
I wanna ask the treatment of the following
Loan @ 8% = Rs 1600,000
Benchmark Rate = 11%
Out of Loan,Rs 750,000 were used to purchase a flat , monthly income from rent = Rs 15000
Kindly tell me whether we shall deduct the amount (Rs 750,000) and apply benchmark rate treatment on rest (1600000-750000)?
or we should apply benchmark rate on whole amount(Rs 1600,000) and deduct such amount from the income being generated from the asset
Moreover, Our teacher said to treat all Incomes from property as FTR .. is it right if we assume that the rent is paid by the prescribed person? (if no indication in question about the rent payer)