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Expenses deductible

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 May 2012 Assese is a Privte Ltd. Co. Although main clause does not have Lease Rental as main clause but at present Lease rental is only source of Income. At present Return is being filed under House property Income. Hence wanted to know which Expenses can be allowable besides standard deduction?? Director remuneration, Directors meeting fees, Travelling Expenses, Depriciation for Car used by Directors. Please specify in detail.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 May 2012 Under the head Income from House Property only municipal taxes are allowed as expenses. A further deduction of 30% is allowed.

Apart from that NO OTHER EXPENSE is allowed as deduction.
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