Standard reduction @ 30%
This query is : Resolved
18 December 2008
What is this standard deduction @30% on income received from house property?
pls reply on my id ie anan14leo@gmail.com
pls reply on my id ie anan14leo@gmail.com
18 December 2008
After deducting Municipal Tax, property owner is not qualify for any deduction i.e repair & Maintenance. so for consolidated @30% deduction is allowable
18 December 2008
It is nothing but a statutory deduction allowed u/s 24(a) of The Income Tax Act,1961.
18 December 2008
It is a statutory deduction allowed u/s 24(a) of Income Tax Act 1961. As you are not allowed to claim any expenses for repair & maintt. etc incurred for House Property. In place of this you have been given exemption of 30% to cover all these expenses.
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