let say gross annual value is 50000.
and munciple tax paid by landlord - 10000. and water/sewerage benefit tax, levied by state government paid under protest - 5000
then in such case what will be income from house property?
GAV 50,000
Less: Municipal Tax paid by the owner 10,000
NAV 40,000
Standard Deduction @ 30% 12,000
Taxable income under House Property 28,000
Note: Irrespective of expenses incurred, the FLAT deduction of 30% is allowed as Standard Deduction.
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