Deductions u/s 24

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Siddharth (Querist)
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13 September 2010 30% of NAV
is this called Standard Deduction or Statutory Deduction? or Both?
im very confused

https://www.incometaxindia.gov.in/publications/5_house_property.asp
here it is given as statutory deduction

FURTHER CONFUSED!!! (thanks to mixed answers)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 September 2010 It is called standard deduction only

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CA.Mini

CA.Mini (Expert)
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13 September 2010 standard deduction

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Siddharth

Siddharth (Querist)
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13 September 2010 plz reply again

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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14 September 2010 neither standard nor statutory, u/s 24 only says deduction, secondly the deduction of 30% is subject to condition i.e. it may be Rs. 30000 or 150000 in some cases.

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CA.Pujah

CA.Pujah (Expert)
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14 September 2010 Statutory deduction is more appropriate term for this deduction as it is independent of actual exp on repairs. It is just a notional deduction at flat rate.

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Siddharth

Siddharth (Querist)
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14 September 2010 Im more confused!!

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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14 September 2010 if u r still confused then..
just remember this is one of two deduction available u/s 24.
as per my view, it is standard deduction.

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