House property income
This query is : Resolved
VIJAY KUMAR SHARDA
(Querist)
03 November 2014
AN ASSESSEE HAS RECEIVED A RENTAL INCOME FROM HOUSE PROPERTY DURING F/YEAR 2013-2014 SAY Rs.50,000/- BUT HE HAS PAID MUNICIPAL TAXES INCLUDING ARREARS Rs.60,000/-DURING THE YEAR 2013-2014. CAN WE CLAIM LOSS FROM HOUSE PROPERTY FOR Rs.10000/- AND ADJUST THE SAME FROM FROM OTHER INCOMES.
22 November 2014
As per Section 23 of the Income Tax Act municipal taxes are allowed as a deduction in the year in which they are actually PAID.
So you can claim deduction of municipal taxes amounting to Rs. 60,000/- in the FY 2013-14
So you can claim deduction of municipal taxes amounting to Rs. 60,000/- in the FY 2013-14
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
