Housing propetty

Your income from house property would be as follows:

Rent Received during the Year. From the rent received deduct teh muncipal taxes paid.  On the balance you would get a standard dedcution @ 30% for teh expenses incurred. This deduction is allowed irrespective of the fact whehter any expenditure is incurred or not. also if there is any loan taken for purchase of property, then the entire interset paid on the loan would be deducted.

In your question assuming that the figure of 353000 is arrived at after deducting the municipal taxes you would get std ded of Rs 105900.

On house property income only following deductions can be claimed :

u/s 24(b) Interest on Housing Loan
u/s 24(a) Standard Deduction at 30%.

In your case, you can deduct Annual Interest on Housing Loan if available. Whatever the figure/amount is found after deducting municipal tax from Gross Annual Value, 30% of such income can be deducted as Standard Deduction.

Regards

Harish. A

Dear Harish, you have interchanged the section nos. (a) shud be for std ded & (b) for interest. Moreover the std ded is 30% of the adjusted annual value after deduction of municipal taxes & not after dedcution of interest from the adjusted annual value.

Now corrected.