is House Tax exempted from Income tax
This query is : Resolved
19 March 2009
as i have already paid tax on house, i strongly feel this figure should get some value in my Tax filing.
i have one flat, in which no body is staying currently, recently i paid Rs.8000 as house tax there , i m also having loan on this flat, for which i m getting exemption on Principal and interest components.
I want to know , if there is any section under which , the house tax , to be mentioned and i get exemption on it ??
i have one flat, in which no body is staying currently, recently i paid Rs.8000 as house tax there , i m also having loan on this flat, for which i m getting exemption on Principal and interest components.
I want to know , if there is any section under which , the house tax , to be mentioned and i get exemption on it ??
19 March 2009
You can only get the deduction of Municipal Taxes levied. I believe it is Municiapl taxes only, if so you can deduct it from your GAV (if deemed to be let out), otherwise not.
19 March 2009
i support Mr. Kasat
19 March 2009
thanks for ur replies,
yes, this is a municipal tax,
i have no plans to Let out my house, Can i still ask for exemption ?
in any case, Can u also let me know , wat section , it gets into?
yes, this is a municipal tax,
i have no plans to Let out my house, Can i still ask for exemption ?
in any case, Can u also let me know , wat section , it gets into?
22 March 2009
if you have no plan to let your house you can't claim exemption for munciple tax from IFHP.
however if the house is used by you for business or profession munciple tax iis allowable exp.
however if the house is used by you for business or profession munciple tax iis allowable exp.
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