MEENA VIVEK 15 February 2020
I Shall be very glad to have your suggestion for the following.
For A.Y 2021-22,My Income From House Property will be Rs.4165350/-(Gross rental income 62,00,500 Less Property Tax Rs.250000/- Less Standard deduction u/s 24(a) Rs.1785150)and income from other sources Rs.21,00,000/-.Thus the total income comes to Rs.62,65,350/-If Opt for New Rate without any exemption or deduction can I pay tax on the income as Above said after availing deduction in Property Income? or Have I to Compute tax taking into account entire rental income.Please Guide me shall I take Agriculture Income if any for Rate Purposes?.
Sujit Talukder (service) 15 February 2020
In case you wish to opt the new scheme of taxation under section 115BAC for AY 2021-22, then please note that you can claim all the admissible deduction for property tax and standard deduction as well as interest on borrowed capital for acquiring house property provided that the house property is actually let-out or deemed to be let-out. There is no restriction imposed by the newly inserted section 115BAC on this.
Hence your total income for AY 2021-22 will be Rs. 62,65,350 and computed rightly by you. You have to pay tax on this income of Rs. 62,65,350/- for AY 2021-22. Hope this clarifies.