Municipal tax deduction from house property income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2014
Hi,
If A purchased and let out property in the year 2013 and paid municipal tax for 2012 & 2013 together,
Later, the concern builder has refunded the amount of municipal tax for 2012 to A,
How we should consider the amount for deduction???
If A purchased and let out property in the year 2013 and paid municipal tax for 2012 & 2013 together,
Later, the concern builder has refunded the amount of municipal tax for 2012 to A,
How we should consider the amount for deduction???
HUZAIFA HUSSAIN
(Expert)
21 January 2014
Since, 2012 M.Tax is not paid by the assessee, ie., it is reimbursed by the builder, only tax pertaining to 2013 is to be deducted from gross rent received/ receivable, under income from house property, while computing income tax for AY 2013-14.
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