House property
This query is : Resolved
31 July 2012
Sir
My client has property at Thailand. he is resident in India. is Rent recd from thailand property taxable under House property and can he claim 30 % deduction u/s 24 (a)
Thanks
My client has property at Thailand. he is resident in India. is Rent recd from thailand property taxable under House property and can he claim 30 % deduction u/s 24 (a)
Thanks
31 July 2012
Yes,
Property income is in foreign Company is taxable as Property is In India,
Fair Rent,Municipal Value,Standard Rent is to be calculated as property is in India, Any Local tax paid abroad are allow to deduct while computing Income from House Property.
The calculation is same as property is in India mean deduction allow u/s 24 :
1) 30% standard Deduction
2) Interest paid / payable on loan for house property.
Property income is in foreign Company is taxable as Property is In India,
Fair Rent,Municipal Value,Standard Rent is to be calculated as property is in India, Any Local tax paid abroad are allow to deduct while computing Income from House Property.
The calculation is same as property is in India mean deduction allow u/s 24 :
1) 30% standard Deduction
2) Interest paid / payable on loan for house property.
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