Hra income
This query is : Resolved
Bharat Patel
(Querist)
03 October 2011
SIR,
MY FRIEND DRAWING HRA @ 20% IN SALARY. HE HAS HAVING HOUSE RENT INCOME @ 50000/-PY. HE ALSO HAVING HOUSERENT LOAN FOR ANOTHER HOUSE (WHICH HE OCCUPIED).
1. IS HOUSE RENT INCOME OF RS. 50000/- IS ADDEDED IN INCOME OR NOT>
2. CAN WE CLAIM REPAIRS & MAINTE., WATCHMAN, SAY RS. 30000/-?
3. ANY OTHER DEDUCTION WE GET OUT OF HOUSE RENT INCOME, TO AVOID TAX.
MY FRIEND DRAWING HRA @ 20% IN SALARY. HE HAS HAVING HOUSE RENT INCOME @ 50000/-PY. HE ALSO HAVING HOUSERENT LOAN FOR ANOTHER HOUSE (WHICH HE OCCUPIED).
1. IS HOUSE RENT INCOME OF RS. 50000/- IS ADDEDED IN INCOME OR NOT>
2. CAN WE CLAIM REPAIRS & MAINTE., WATCHMAN, SAY RS. 30000/-?
3. ANY OTHER DEDUCTION WE GET OUT OF HOUSE RENT INCOME, TO AVOID TAX.
04 October 2011
Yes the rental received from the house property is taxable under the head Income from House Property.
Only two deductions are allowed from such income:
(i) Flat deduction of 30% from the income
(ii) Interest paid on loan.
Apart from that no other deductions are allowed.
Only two deductions are allowed from such income:
(i) Flat deduction of 30% from the income
(ii) Interest paid on loan.
Apart from that no other deductions are allowed.
CA Pushpendra Gaur
(Expert)
05 October 2011
i completly agrees with the reply of the expert
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