Rental property in india

My wife just inherited a property in India and we are going to rent it. The rent is expected to be 10 Lacs a year.

- Is 30% deduction straight allowed on the property with no questions asked - does it mean only 7 Lacs is taxable? What IT rule governs that?

- Can depreciation be claimed on the cost basis of the building if only income is rental income for the owner ? If Yes, how much can be claimed ?

- Can any other expenses we claimed also to save taxes?

Regards

Replies (2)

1. Yes, correct . U/s. 24(a) of the act.

2. No.

3. No. (except home loan interest)

You may claim house tax paid during the year as well.

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