House Property - Sec 24 Deduction
This query is : Resolved
06 March 2010
Hello,
Rent received from the property = 8400,
Municipal Tax paid = 20740
Net Annual Value = (12340)
Can I claim standard deduction u/s 24?
Kindly clarify my doubt as early as possible.
Thanks and Regards
Mathi
Rent received from the property = 8400,
Municipal Tax paid = 20740
Net Annual Value = (12340)
Can I claim standard deduction u/s 24?
Kindly clarify my doubt as early as possible.
Thanks and Regards
Mathi
06 March 2010
cliam of section 24(i) - strandred deduction will depand upon the type of HP i.e Let out or Self Occupied. In case of Self occupied Properties NO deduction would be allowed and in case of Let out, deduction u/s 24(i) standred deduction allowed.
But when Net annual value is Zero or negtive no Deduction can be claimed for the simple reason that deduction can be claimed out of positive income and not from loss or negative income
Reply if u have some more doubt
But when Net annual value is Zero or negtive no Deduction can be claimed for the simple reason that deduction can be claimed out of positive income and not from loss or negative income
Reply if u have some more doubt
06 March 2010
Question of ded u/s 24 not arising as your NAV after Mun.Tax for claimimg of Ded @ 30% Std Ded u/s 24 is -ve
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