Deduction of municipal taxes against rent income

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Audit Assisstant & Accounts Manager
379 Points Posted on 22 March 2014

Hello everybody,

Could anybody please guide on whether payment of municipal taxes are deductible from the rent derived from letting terrace of a building in a co-operative housing society for erection of mobile tower?  If yes, then whether whole or proportionate amount is deductible? How to decide such proportion?  if not, then why?

 

Thanks in advance

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On 22 March 2014 at 17:22 Report
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Head Of Department (Accounts & Finance)
1272 Points Posted on 22 March 2014
Dear Mohan yes municipal taxes will be allowed in this case. You can take proportion of it say, if taxes is 1000 paid on house property and building is of 4floor then divide the amount and take 250 as municipal taxes for terrace. I hope answer is clear. Regards
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On 22 March 2014 at 17:31
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Audit Assisstant & Accounts Manager
379 Points Posted on 22 March 2014

Thanks for reply, but is there any supporting case law/judicial pronouncement for this?  Because someone has advised that such deduction is not allowable in this case.

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On 22 March 2014 at 17:42
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Head Of Department (Accounts & Finance)
1272 Points Posted on 22 March 2014
No Mohan it is allowed as the property tax is paid for entire building and hence can claim it. Regards.
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On 22 March 2014 at 17:45

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