Municipal tax income tax exempt

This query is : Resolved

Arun Dave (Querist)
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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

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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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

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