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Concession for leased out property

Sindhuja (Final Student) (113 Points)

09 March 2012

The property is owned by the assessee & hence taxable under the head HP.

Is there any other concession other than concession u/s.24 for leased out property???

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 10 March 2012

The assessee wud get a deduction of the Municipal Taxes paid agaisnt the property leased out from the Gross Rent received. On the Net Rent after deducion of taxes, Std deducion of 30% & decution on account of interest paid on loan for the property could be availed.