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annual value

Dikshu Negi (-) (6 Points)

16 November 2017

state the deduction that are allowed from the annual value in computing income from house ptoperty?

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5 Replies

Pardeep Garg (CA-Final Student) (801 Points)
Replied 16 November 2017

section 24(a) : 30% of net annual value.
section 24(b) : interest on loan taken for construction/acquisition,repairs etc.

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Pardeep Garg (CA-Final Student) (801 Points)
Replied 16 November 2017

section 24(a) : 30% of net annual value.
section 24(b) : interest on loan taken for construction/acquisition,repairs etc.

prasad Nilugal ( GST Practitioner & Accounts ) (14912 Points)
Replied 16 November 2017

Are you talking about let out property or self occupied ?.

For let out

Gross Annual value ------

Less - 1)Municipal tax (paid and borne by owner ) ------

Net Annual value

Less-1) standard Deductions under section 24 - @ 30% of net annual value ------

2) Any interest on borrowed fund . -------

You will get Taxable income form House property . -------

Sunil Ahmad (Student) (1511 Points)
Replied 16 November 2017

In case of self occupied:
Deduction u/s 24
(a) 30% of NAV
(b) Interest on loan taken for construction/acquisition,repairs .
before 1.4.1999 restricted to 20000.
after 1.4.1999 restricted to 200000.
In case of Let out:
Deduction u/s 24
(a) 30% of NAV.
(b) Interest on loan taken for construction r repairs.--- no limit--