deduction us 24
This query is : Resolved
14 July 2016
Sir
what are the deduction available us 24 for the income from house property for rent received
14 July 2016
Following deductions are available u/s 24
1. 30% standard deduction
2. Interest on Borrowed Capital
1. 30% standard deduction
2. Interest on Borrowed Capital
20 July 2024
Key Points to Note:
Municipal Taxes: Municipal taxes paid during the year can be deducted from the gross annual value of the property to arrive at the net annual value.
Co-ownership: If there are multiple owners of the property, each co-owner can claim a deduction in proportion to their ownership share.
Pre-construction Period Interest: For a self-occupied property, interest paid during the pre-construction period (up to 5 years) can be claimed as a deduction in 5 equal installments starting from the year in which the construction is completed.
Municipal Taxes: Municipal taxes paid during the year can be deducted from the gross annual value of the property to arrive at the net annual value.
Co-ownership: If there are multiple owners of the property, each co-owner can claim a deduction in proportion to their ownership share.
Pre-construction Period Interest: For a self-occupied property, interest paid during the pre-construction period (up to 5 years) can be claimed as a deduction in 5 equal installments starting from the year in which the construction is completed.
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