Muncipal taxes comes exempted or not in house property incom

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srinivas (Querist)
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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)
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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.

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