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Rebate towards repair and maintenance of house

Tax queries 6171 views 5 replies

1) what is the permissible rebate towards maintenance and repair on rental income of flat owned by an individual

  and under what section of I.T.Act 1961?

Replies (5)

Section 24. 30% of net annual value

1. You can claim 30% on NAV   as  said by Kaushal Sir,

( NAV  means Gross Annual Value ( or say Rent)- Municipal Taxes)

, even if you do not carry on any maintenance or repair activity.   
 

2. If you take loan for repairs , then you can claim interest payable on accrual basis..

Well said paras sir, very nicely explained. It could not be explained better. Appreciate it.

Originally posted by : Paras Bafna

1. You can claim 30% on NAV   as  said by Kaushal Sir,

( NAV  means Gross Annual Value ( or say Rent)- Municipal Taxes)

, even if you do not carry on any maintenance or repair activity.   
 

2. If you take loan for repairs , then you can claim interest payable on accrual basis..

good exlanation sir              

We began to do major repairs at home and when we got to the stairs, we began to look for where you can buy good handrails and found a store https://staircasedesign.xyz where you could order very beautiful handrails for the inside of the house and the porch.


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