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Refund of Municipal Tax
Tax implication on refund of municipal tax paid while computing income under the head Income from House Property.
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You can deduct Municipal Tax while calculating your "Income form House property "
Reduce the amount from municipal tax deduction under IFHP
Municipal Tax is allowed as deduction provided it is actually paid by the owner.
MUNICIPAL TAX ALLOWED AS DEDUCTION FROM GAV (GROSS ANNUAL VALUE) WHILE COMPUTING INCOME FROM HP
SUBJECT TO ::
- MUNICIPAL TAX HAS BEEN PAID TO AUTHORITIES , NOT DUE OR PAYABLE
- AND PAID BY THE OWNER OF THE PROPERTY.
That is while computing from House Property Municipal tax paid has been allowed as deduction for arriving at NAV. Therefore what is the implication when such Municupal Tax paid is refunded by municipal corporation ?
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