Income from house property
This query is : Resolved
15 January 2013
dear sir/mam,
In case of house property, if property tax is paid for last 5-6 years in the current year, whether the same (full amount) can be deducted from the income of current year?
Thank you
In case of house property, if property tax is paid for last 5-6 years in the current year, whether the same (full amount) can be deducted from the income of current year?
Thank you
15 January 2013
Hi
Municipal Taxes: The deduction is on the basis of actual payment. Therefore, it is immaterial that part of it relates
to the earlier years.
Thanks!!
Municipal Taxes: The deduction is on the basis of actual payment. Therefore, it is immaterial that part of it relates
to the earlier years.
Thanks!!
15 January 2013
But deductions were not claimed for earlier years..now she paid 3,00000 as municipal tax..is there any provision to reduce the burden?
15 January 2013
Hi
It is allowed on the basis of payment. If due to this there is loss then same can be carried forwarded to next year.
No idea about reducing burden of property Tax.
Thanks !!
It is allowed on the basis of payment. If due to this there is loss then same can be carried forwarded to next year.
No idea about reducing burden of property Tax.
Thanks !!
15 January 2013
Full tax paid has to be claimed and restricted to the income available.
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