Income from house property

mustafa mohd (owner) (45 Points)

27 March 2014  

I for AY 2014-15 received income as follows:

Rent from commercial office: 600,000 (municipal taxes Rs. 55,000)

Rent from flat on rent: 660,000  (municipal taxes Rs. 30,000)

the 1/3 deduction under sec 24 is it available for each property or is a combined deduction for both rents

that is, should i file my return as under:

COMMERCIAL OFFICE:

net rent Rs. 545000 less 1/3 deduction u/sec 24 = taxable rent Rs. 381500/-

RESIDENTIAL FLAT

net rent Rs. 630,000 less 1/3 deduction u/sec 24 = taxable rent Rs. Rs. 441000/-

TOTAL INCOME FROM HOUSE PROPERTY: Rs. 822,500/-

Please advice

thanks

i have paid advance tax as per above