Income from House Rent and Muncipal corportion taxes

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Sanjay Dhaduti (Querist)
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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?

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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15 March 2009 Mr. Nitin is right.

C A GROUP COACHING

C A GROUP COACHING (Expert)
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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

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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26 March 2009 also taxes paid in advance are not deductible.
they are deductible on accrual basis.

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