Standad deducation of 30 % on rent income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2015
Hello Experts,
As we all know that we get standard deduction of 30 % on rent income along with other exps. like municipal corporation tax etc.
I want know that whether it is applicable to individuals (property buyers) ? or applicable to builder of the same property also ? i.e. if i am engaged in construction business, I have built up 50 flats, among the 50 flats I have given 5 flats on rent to Reliance Inds.or to any other individual... So, as a builder of the property can i claim 30 % of standard deduction or it will be considered as my business income ??
As we all know that we get standard deduction of 30 % on rent income along with other exps. like municipal corporation tax etc.
I want know that whether it is applicable to individuals (property buyers) ? or applicable to builder of the same property also ? i.e. if i am engaged in construction business, I have built up 50 flats, among the 50 flats I have given 5 flats on rent to Reliance Inds.or to any other individual... So, as a builder of the property can i claim 30 % of standard deduction or it will be considered as my business income ??
27 September 2015
If builder treat the rental income as income from house property, the builder can claim 30% standard deduction.
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