Tax law

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2012 When annual value of one self occupied house is nil, the assessee will be entitled to the standard deduction @ 20%

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 February 2012 For self occupied property no standard deduction u/s.24

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2012 Sir can u tell me in which case the assessee will be entitled to the standard deduction @ 20%

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 February 2012 Standard deduction available for the Let out property where the assessee showing income from the house property.

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2012 but can u tell me the exact rate of standard deduction i am confuse in 30% or 20%

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2012 The following payments are eligible for rebate from tax to the extent of 20% of a maximum of Rs 20,000 (i.e. maximum rebate is up to Rs 4,000 p.a.). U/s 88 of the Income Tax Act

Any installment or part payment of the amount due under any self financing scheme of any development authority, housing board etc. engaged in construction and sale of house property or

Any installment or part payment of the amount due to any company or cooperative socieity of which the assessee is a share holder or member towards the cost of the house property allotted to him; or

is it right or not

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 February 2012 Presently 30 % deduction available u/s.24

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2012 What about section 88

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 February 2012 Now section 80C not section 88, - Housing principal payment is eligible for deduction u/s.80 C the loan from the specified banks and sectors.

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2012 Thanks alot sir

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