Deductions u/s 24
This query is : Resolved
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)
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
(Expert)
13 September 2010
It is called standard deduction only
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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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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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CMA Arif Farooqui
(Expert)
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.
just remember this is one of two deduction available u/s 24.
as per my view, it is standard deduction.
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