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Hra income

This query is : Resolved 
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(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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
05 October 2011 i completly agrees with the reply of the expert
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