Rental Income treatment when Structural Repairs & Renovation occured
This query is : Resolved
19 June 2023
Hi Experts,
My Flat was unoccupied for 2 years and then we had incurred huge costs for Renovating the property & also the society asked for some structural building work for mandatory repair.
For last 9 months in FY 22-23 my flat is now been rented out but now how do I deduct above costs for its tenantable state?
Thanks,
DM
My Flat was unoccupied for 2 years and then we had incurred huge costs for Renovating the property & also the society asked for some structural building work for mandatory repair.
For last 9 months in FY 22-23 my flat is now been rented out but now how do I deduct above costs for its tenantable state?
Thanks,
DM
19 June 2023
You are allowed to deduct 30% lump sum as standard deduction from the rent, for repairs and maintenance. No more deduction is applicable from rent.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
