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Tax on rental income

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 December 2012 There is an individual who has rented his ancestral property with monthly rent of abt Rs.15.00 lakhs and he himself has moved on to another prperty recently purchased by him.
How can he save tax on rental.
Pls advise.
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Anand

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Anand (Expert)
28 December 2012 Only following deductions available
a) Municipal taxes paid
b) Interest on repairs, reconstructions
c) 30% of gross Annual value

if he has taken loan for the other property purchased by him for self occupation there will be a loss in that property whihc can be set off against the income from the ancestral property

if he has a business, the business loss can be set off against the income from houseproperty.
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