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Annual value
deduction that are allowed from the annual value for computing income from house property
Replies (3)
1 )Municipal Tax atuly paid in the previous year
2) Deduction. under section 24 of the Income Tax 1961 as applicable
please confirm with others also .
2) Deduction. under section 24 of the Income Tax 1961 as applicable
please confirm with others also .
| Originally posted by : Nidhi Kumari | ||
 |
deduction that are allowed from the annual value for computing income from house property |  |
1-Muncipal Tax paid during the previous year
2-and 30 % Standard Deduction under sec 24
3- Interest on borrowed capital
In case of let out of HP following deductions are allowed:
1) 30% of annual value
2) actual interest paid
3) Municipal taxes paid
In case of self occupied house property, deduction to the extent of Rs 2 lac is allowed.
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