What would be the Treatment of Municipal Tax Refund in case of House Property??
For Ex:
A Person has a House (Let out)
AY-09-10
GAV = 3,00,000/-
Municipal Tax Paid 25000/-
AY 10-11
He Got Municipal Tax Refund of Rs 10000/-
Whether it would be taxable or a Capital Reciept?? if it is Taxable then Under What Head??
Adjust the refund of muncipal taxes to the amount of muncipal taxes paid during the financial year in refund received. Then only Net muncipal taxes paid will be deducted from GAV to arrive at NAV.
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