Municipality Tax in House Property
This query is : Resolved
Ankit Varma
(Querist)
24 September 2009
If a person pays the municipality tax in advance can it be deducted from the Gross Annual value
or only the tax paid for the current year can be deducted?
or only the tax paid for the current year can be deducted?
24 September 2009
It is the tax paid and not a liability on accrual basis. As such, deduction on account of tax paid ia allowable.
Kapil Arora
(Expert)
24 September 2009
As per Section 23 of Income Tax Act, 1961 amount paid in a previous year is allowable to be deducted to arrive GAV so whether it is off currentyear or last year or coming year
Manmohan ACA, CS
(Expert)
24 September 2009
I have a different view, muncipal tax tax for last year and current year shall only be allowed, ADVANCE MUNICIPAL TAX PAID IS NOT ALLOWED
Message likes :
1 times
24 September 2009
i agree with Manmohan
26 September 2009
Municipal Taxes paid (Current year / advance / arrear) can be deducted.
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