I have a self occupied property where i have been residing since 3 years. I pay monthly maintenance of Rs 2200/- to the builder. My question is if this maintenace charge of Rs 26,400 annually is exempted from tax?
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Is monthly maintenance on self occupied property tax exempt?
Replies (1)
No deduction available for Monthly maintenance charges of property because
30% of annual value will be allowed as tax deduction while calculating income under the head “income from house property” for repair, maintenance charges etc.. This deduction is allowed under section 24 irrespective of the amount of expenditure you have spent during the financial year.
But For Self occupied property this deduction of 30% is not available as the annual value in this case will be NIL.
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