16 September 2008
my query is what will be the taxablity of the following reciept:
Mr. X recieves Rent Rs.120000 and Maintainance Charges Rs.18000 without any expenditure incurred on maintainance( by virtue of rent deed he is getting 20000 per month rent and 1500 per month MC)
1.]What will be the amount taxable under House Property and what will be the standard deuction u/s 24?
2.]whether 18000 MC will be taxable under other sources? if so whether he will be entitled to claim expenditure against this income u/s 57?
3.]what will be the scene if he does not spend any money on maintt. of property?
CAclubindia
