YEARLY RENTAL INCOME ...10000 ×12 = 120000 FROM THIS GROSS AMOUNT YOU CAN CLAIM FOLLOWING DEDUCTIONS... 1..MUNICIPLE TAX PAID BY YOU ON SUCH PROPERTY 2...YOU WILL GET STANDARD DEDUCTION OF 30% FROM 120000 U/S 24(a) 3..AFTER THAT YOU CAN CLAIM THE BENEFIT OF INTETEST ON LOAN TAKEN FOR SUCH HOUSE PROPERTY ....AS DEDUCTION FROM SUCH INCOME..
CAclubindia
