Income fr house property

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2013 I am a salaried employee received other income(Rent)of Rs.1,80,000 for the FY 2012-13. I have paid Soceity Maintenance allowance of Rs.40,000 & Repair of Rs.60,000.

Pl confirm what is the amount exempt from income.

Thanks in advance.

kunal

kunal (Expert)

30 March 2013 you will get flat 30% deduction from rent.. and nothing else..
please refer section 24 of the income tax act

thanks!!

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

30 March 2013 From income from house property at flat rate of 30% deduction alowable as standered deduction for the purpose of repair irrspective of your expenditure incurred or not. And this deduction of 30% shall be computed after the deduction of municiple taxes if any paid by the owner. Computation of income from house property is as follows

a) ALV XXX
b) Less: Municeple taxes paid by the owner XXX

C) Balance a-b
d)Less 30% standered deduction on C XXX
e)Less interest on housing loan(If any) XXX
f) Net income from house property chargeble to tax c-d-e.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2013 Thanks Expert,

one more query can i collect rent income in spouse name then what is tax effect.

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