Annual value
Nidhi Kumari (1 Points)
12 September 2020
deduction that are allowed from the annual value for computing income from house property
Nidhi Kumari (1 Points)
12 September 2020
prasad Nilugal
(3909 Points)
Replied 12 September 2020
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 12 September 2020
| 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
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
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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