Renting of tenanted property

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ARVIND JAIN (Querist)
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27 June 2012 My client has got tenanted property(pagdi) in heir from his father in Kalbdevi. He lets out property every year.The property is owned since last 30 years. Is income chargeable under Income from house property or other income or business income. The assesse do not have any other business.What are the expenses allowable if chargeable under business or other income.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 June 2012 The income is taxable under the head Income from House Property.

Deduction will be allowed of municipal taxes and a standard deduction of 30%.

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