hi ,
due to COVID , the letout property left vacant and i didn't receive any rent.
but i paid Municipal tax & Housing loan interest.
I can avail housing loan interest and carry forward the losses but , what about the municipal taxes ? can I consider that also a loss ? or not, due to no GAV received.
kindly guide , and paid Municipal taxes for self occupied property also , can I claim or. not.
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Income from letout.
Replies (3)
Two houses are allowed for self occupation. From the assessment year 2018-19 onwards, the maximum deduction for interest paid on self-occupied house property is Rs 2 lakh.No deduction for Municipal Taxes.
What about letout ? vacant for whole year.
If you have only two houses then there is no issue . But having more than two houses you have to show the deemed rent for the third one
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