Residential rental income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2012 Sir i have rented my flat and leaving on rent in another flat in same locality as i have to stay near my parents.
Can i show rental income as additional income and allow deductions for rent paid on rented flat in which i am staying at present.

Mohit Naithani

Mohit Naithani (Expert)
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20 December 2012 No,

Only deduction u/s 24 i:e :
1. 30% standard Deduction
2. Interest on housing Loan

is allow to deduct.

Rent paid by assessee is not allow to adjust with his rental income in any case.

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Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2012 thanx for the information