If Municipal tax paid for 5 years including arrears is higher than the rent received hence annual value is negative then
(1) Whether 30% standard deduction will be available on such negative value?
(2) Whether such negative annual value plus interest paid u/s 24 together would be available for set off?
Municipal tax will be restricted to Gross annual value. Net annual value cannot be negative.
Hence your ans to 1st question will not be applicable.
Interest on housing loan would still be available for set off
Correct Miss Rinkal.
NAV cannot be negative.
Where NAV is nil, std deduction us 24(a) is also nil
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