Renting of tenanted property
This query is : Resolved
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.
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%.
Deduction will be allowed of municipal taxes and a standard deduction of 30%.
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