Exp. on immovable property.

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2015 Dear all,
I am a proprietor and provide transportation service named *** roadline. and i have also rented income from house property can i claim repair and renovation exp. from house property income. and if i will do a separate proprietorship concern which deals renting of self house property can i claim exp in this case pls tell me in detail my rented income is 25 lac and exp of renovations are 5 lac approc tell me in detail pls ..

thanks in advance

Amol S Joglekar

Amol S Joglekar (Expert)

05 November 2015 a flat deduction of 30% is given for calculation of income from house property. You can avail that.
Rent Received
Lees: Municipal taxes paid.
Less: 30% of (rent received - Municipal taxes paid if any )

surinder

surinder (Querist)

05 November 2015 sir why I can't claim exp .

Amol S Joglekar

Amol S Joglekar (Expert)

06 November 2015 a flat deduction of 30% is given. Deduction is to be claimed every year.

It is a presumptive kind of provision of the Income Tax Act. Deduction is given whether or not the expenditure is incurred.

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