Income from house property

This query is : Resolved

CPA Parveen Sharma (Querist)
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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

C.A.Amitabh Gupta (Expert)
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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

CPA Parveen Sharma

CPA Parveen Sharma (Querist)
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17 November 2009 Thanks a lot Mr Gupta ji for your help...

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