income from house property

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This query is : Resolved

nandini (Querist)

28 March 2009 while calculating income from house property do we deduct the maintainance charges paid for property along with the property tax paid or do we deduct olny the property tax amount?

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)

28 March 2009 Only property tax is allowed as deduction. Full maintenance amount cannot be dedcuted while calculating the income from house property.

K V Subba Rao

K V Subba Rao (Expert)

28 March 2009 While computing Income from House Property, Property Tax actually PAID can be claimed as expenditure.

Standard Deduction calculated at 30 percent of annual value can also be claimed irrespective of whether any expenditure is actually incurred or not.

In view of allowing Standard Deduction, statute does not allow any seperate deduction for Maintenance

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

28 March 2009 only munciple tax (property tax , water tax , sewerage tax or any other tax charge by local authority ) actually paid by owner is deductible.

standatd deduction allowed u/s 24(b) is for all (other then interest on loan ) revenue expenses related to the property , whether incurred, or not incurred, or extra incurred or less incurred

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