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