Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2015 Dear Sir,

Can you please let me know whether the Municipal Tax paid for past years if exceed more than Gross Annual Value can be claimed in the paid year?

Can Net Annual Value can be in Negative in such situation?

Please reply..

Regards
Abhishek

Amol S Joglekar

Amol S Joglekar (Expert)
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10 February 2015 Municipal taxes are to be deducted on paid basis.
If the situation so occurs, the income can not be negative for self occupied properties. It will be taken to be NIL.

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2015 Thanks for your prompt reply Sir.

What for Let out property?

Amol S Joglekar

Amol S Joglekar (Expert)
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10 February 2015 For Let out : if the municipal taxes are borne by Landlord, the loss arising out of such, can be claimed.

For deemed let out....there is question mark... 2 views are in vogue so far as deemed let out are concerned.

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2015 Not able to understand... whether Net Annual Value can be Nil in case of Let out property?

If yes than please give some references because i am finding it very difficult to understand such situation...

Thanks in Advance..

Amol S Joglekar

Amol S Joglekar (Expert)
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11 February 2015 for let out properties, LOSS; if any; arising out of municipal taxes, can be claimed.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2015 Thank you Sir.

Will have to revise my client return accordingly...

Thanks a tonne.

Amol S Joglekar

Amol S Joglekar (Expert)
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11 February 2015 you are most welcome.
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