Income from house property
This query is : Resolved
CPA Parveen Sharma
(Querist)
17 November 2009
Hi Expert, if i have income to have let out my house... what is the deduction available under section 24 for the FY 2009-2010 ?
C.A.Amitabh Gupta
(Expert)
17 November 2009
Under section 24, following two deductions available-
(a) Standard deduction @30% of net annual value irrespective of any expenditure incurred by taxpayer
(b) Interest ( maximum Rs.1.5 lacs ) on capital borrowed for acquiring or constructing the house. If the capital borrowed is for repairs/renovation then the max ceiling is Rs.30000/- ( and not Rs.1.5 lacs)
CA Amitabh Gupta
Indore
09893276187
(a) Standard deduction @30% of net annual value irrespective of any expenditure incurred by taxpayer
(b) Interest ( maximum Rs.1.5 lacs ) on capital borrowed for acquiring or constructing the house. If the capital borrowed is for repairs/renovation then the max ceiling is Rs.30000/- ( and not Rs.1.5 lacs)
CA Amitabh Gupta
Indore
09893276187
CPA Parveen Sharma
(Querist)
17 November 2009
Thanks a lot Mr Gupta ji for your help...
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