Deductions u/s 24

This query is : Resolved

Siddharth (Querist)
Follow

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

http://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)
Follow

13 September 2010 It is called standard deduction only

Message likes : 1 times

CA.Mini

CA.Mini (Expert)
Follow

13 September 2010 standard deduction

Message likes : 1 times

Siddharth

Siddharth (Querist)
Follow

13 September 2010 plz reply again

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

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.

Message likes : 1 times

CA.Pujah

CA.Pujah (Expert)
Follow

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.

Message likes : 1 times

Siddharth

Siddharth (Querist)
Follow

14 September 2010 Im more confused!!