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income from house property
Does first and second proviso of section 24(deductions to income from house property) of income tax act 1961 applies only to self occupied house where annual value of the property is nil or does it applicable to let out house property also ?
Replies (2)
Section 24 dedcution are
1. Standered Deduction : 30% on Annual value, if property is rented than and only annual value can be considered and standered dedcution can be calculated, if property is self occupied no annual value will be available and accordingly no standered deduction as it will come to zero
2. Interest on Loan : Interest on loan is allowed in both cases and any negative figure can be carried forward according to rules
Yes, applicable to let out property also.......
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