Standard deduction on house property

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Querist : Anonymous (Querist)


29 July 2011

Hi! I want to know if standard deduction on rent from a foreign property received by an ordinary resident is eligible for 30% standard deduction in computation of income.
If yes, under which section.

CMA Ramesh Krishnan (Expert)


30 July 2011

As per section 22 if the asseessee is ordinary resident and received in India as income from foreign house property during the previous year is taxable. hence section 22 applied for the foreign house property income then section 24 (a) 30% deduction also can be considered



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