12 July 2012
Standard Deduction u/s 24 is not allow if property is in stock in Trade or using for assesses own business profession.
Its allow to deduct in case where such property is let out or deemed to be let out through out the previous year.
In short : If your property is let out and tenant use it for any purpose (business proff or resident purpose) then u can avail 30% standard deduction by charging rent received by you under the head of Income from House Property (Calculate GAV).
BUT If such property is use by you for your own business proff then this in no income from house property and 30% Standard Deduction is not allow to be deduct.