Muncipal taxes comes exempted or not in house property incom

This query is : Resolved

srinivas (Querist)
Follow

03 July 2012 Sir,

IF HOUSE IS SELF OCCUPIED, LOAN ALSO THERE FOR HOUSE CONSTRUCTION, MUNCIPAL TAXES COMES (LOSS) EXEMPTION OR NOT, BUSINESS INCOME ALSO THERE FROM THE BUSINESS INCOME CAN WE DEDUCTED AS LOSS FROM HOUSE PROPERTY INT & MUNCIPAL TAXES

ADVANCE THANKS SIR

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

03 July 2012 1. If the house property is self occupied, then deduction of municipal taxes is NOT available.

2. If the income is taxable under the head Income from Business or Profession, then deduction of municipal taxes is allowed.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now