House maintenance of ancestral property

287 views
User Avatar

Mechanical
215 Points Posted on 15 November 2020
can I give less than 30,000 in loss from house property, for loan taken for repairs etc .of ancestral property.?
0 Reply Share Follow
On 15 November 2020 at 20:47 Report
Replies (2)
Quick Summary
This discussion clarifies the tax deductibility of expenses related to the repair and maintenance of ancestral properties. While interest on loans taken for repairs may be deductible up to £30,000, the principal amount of such loans is not eligible for deduction. A standard deduction of 30% is generally allowed for property maintenance.

User Avatar

Tax consultant
5895 Points Posted on 15 November 2020

Sorry didn't get you

But for repair or maintenance of property you can take 30000 as in deduction of interest but principal is not allowed

1 Reply
On 15 November 2020 at 21:58
User Avatar

209 Points Posted on 16 November 2020
Loan taken for Repair is not allowed as deduction , Standard deduction of 30% is only allowed
Reply
On 16 November 2020 at 12:57

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Last Date To Fill ITR For Non-Audit Case
  2. Guidance Required on Filing Fresh Registration und
  3. IT Return Refund Status AY 2026-27
  4. Clarification Regarding Income Tax Demand Notice
  5. Online PAN Download: Check How?
  6. Demand of Late fee/Interest under section 75 of GS
  7. DSC registration on TRACES portal
  8. Can we get registered for MCA if we get a Virtual
  9. DONATION PAYMENT REG
  10. GST IDS Refund – Statement 01A: Invoice Not

More recent discussions | Post

Related Topics :

Loading