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?
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income from house property
Replies (5)
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.
If lift charges incurred then it will be deductible from nav?
no other deduction except 30% STD ded is allowed
Ok thanks
water and sewerage tax paid under protest Rs.5000 also may be added along with Rs.10000 land tax.
so NAV is
50000-15000=35000/
30% STD is Rs.10500
so taxable income from house property is
35000-10500
=Rs.24500 only.
so NAV is
50000-15000=35000/
30% STD is Rs.10500
so taxable income from house property is
35000-10500
=Rs.24500 only.
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