Property tax deduction in p and l account
Harshit Acharya (404 Points)
24 July 2020
Can property tax paid be deductible in p and l account?
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 24 July 2020
Property tax paid for the property which is used as fixed assets in business for business purposes is deductible as business expenses in Profit and loss account
If, Property is given on rent than expenses of property tax is deductible under head house property from rent income of said property in Income tax return
If, Property is given on rent than expenses of property tax is deductible under head house property from rent income of said property in Income tax return
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