hello .
For instance -
rent received - 2000
Municipal Tax paid- 3000
= -1000
can we claim it as loss ? or we need to ignore the loss amount as it is municipal Tax not a loan interest.
suggest me a idea with reference
thanks in adv
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Income from House property . MT
Replies (3)
Compute reasonably expected rent ie Higher of fair rent and municipal value subject to standard rent,that would be your gross annual value and from that deduct municipal taxes therby you will arrive at net annual value
You can show it as loss or can carry forward
Agree with Abhishek ji.
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