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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Payment to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
