Claim of Standard Deduction
This query is : Resolved
SACHIN RAWAT
(Querist)
01 December 2021
Dear Sirs,
I have a rental commercial property in my name in which tenant is Punjab National Bank. For some months bank did not pay rent to me and said that they did repair and maintenance in the building of Rs.5,50,000/- so he deducted out of rent.
My simple question is that while filing my income tax return. I am eligible to claim 30% standard deduction of annual rental income or full amount of Rs.5,50,000/-.
Please clarify
I have a rental commercial property in my name in which tenant is Punjab National Bank. For some months bank did not pay rent to me and said that they did repair and maintenance in the building of Rs.5,50,000/- so he deducted out of rent.
My simple question is that while filing my income tax return. I am eligible to claim 30% standard deduction of annual rental income or full amount of Rs.5,50,000/-.
Please clarify
01 December 2021
30% standard deduction is the maximum allowable under the act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
