Rental income & repairs & maintenance
This query is : Resolved
21 July 2018
Rental Income .....................................100
Less Repairs & Maintenance ............... 10
===============================
Gross Taxable Income ........................Rs 90
Less 30% exemption ...... Rs 27
--------------------------------------------------------
Balance Taxable Income Rs 63
-------------------------------------------------------
Respected Sirs,
Please guide me and oblige.
Also please let me know as under which section repairs & maintenance exemption is allowed.
yours tarique rizvi
982 1630 130
Less Repairs & Maintenance ............... 10
===============================
Gross Taxable Income ........................Rs 90
Less 30% exemption ...... Rs 27
--------------------------------------------------------
Balance Taxable Income Rs 63
-------------------------------------------------------
Respected Sirs,
Please guide me and oblige.
Also please let me know as under which section repairs & maintenance exemption is allowed.
yours tarique rizvi
982 1630 130
21 July 2018
INCOME 100
less municipal taxed paid
Net Income
Less :standard deduction 30% Rs. 30
Taxable income 70
less municipal taxed paid
Net Income
Less :standard deduction 30% Rs. 30
Taxable income 70
21 July 2018
TARIQUE RIZVI do you know .why the standard deduction 30% is given by govt ?
this is given for the repair and maint expenses on buildings on presumptive basis.
you cannot claim double relief .
this is given for the repair and maint expenses on buildings on presumptive basis.
you cannot claim double relief .
21 July 2018
Tks sir for your best guidelines.
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