Income from House Rent and Muncipal corportion taxes
This query is : Resolved
15 March 2009
I have a house which is rented out, the income coming by way of rent should it be declared as income from other sources after deducting the expenses incurred as Muncipal Corporation taxes towards that property?
15 March 2009
It is taxable under house property income u/s 22 after deduction of taxes and standard deduction @ 30% u/s 24-A.
15 March 2009
Mr. Nitin is right.
15 March 2009
OPINIONS GIVEN BY THE TWO EXPERTS ABOVE ARE RIGHT, HOWEVER I MAKE IT MORE CLEAR THAT PAYMENT OF MUN.TAXES ARE DEDUCTIBLE ONLY WHEN ACTUALLY PAID, PLS DONT CONSIDER & TAKE DEDUCTION ON PAYABLE BASIS
26 March 2009
also taxes paid in advance are not deductible.
they are deductible on accrual basis.
they are deductible on accrual basis.
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