11 July 2012
Dear Sir, I have paid Municipal Tax on 29.03.2012 Of Rs 63000/ for last three year.Can I deduct from Gross Total Income while submitting IT Return.AY 2012-13 For Self Occupied home Regards Arun R Dave
11 July 2012
Gross annual value of Self occupied house will be Zero so Municipal tax deduction will not allowed in case of self occupied house...only Interest Deduction U/s 24B will be allowed.
GAV-Nil MT-Nil NAV-NIl Standard Deduction-Nil Interest-subject to limit of Rs 150000
CAclubindia
