Standard deduction on house rent doubt

Hi Sohil,

Under Income Tax Act, while calculating the 'Income under House property' we have to follow the rules given u/s 22 to 27.

In this case, the income will be calculated as:

GAV:                                                                                                     xxxx

Less: M. tax                                                                                        xxx

NAV:                                                                                                     XXXX

Less: Standard deduction @ 30% of NAV                                     xxx

Less: Interest u/s 24(b)                                                                    xxx

Income under house property                                                        XXXX

Apart from these deduction, you can't claim repair charges from the rental income.

You r correct that you should be allowed deduction of municipal taxes as well. However...the income will be calculated as under

Rent received-------------------------------------XX

less: Municipal taxes paid--------------------(XX)

Net annual value(a)-----------------------------XX

less: Standard deducaion @ 30 % of (a)--(XX)

Less:  interest on loan--------------------------(XX)

Income from house property------------------XX

Thanks guys even i found out it from the income tax site over here.

https://www.incometaxindia.gov.in/Archive/House_Property.pdf Page 25.

Calculation Actual rent received:: 100000

Muncipal taxes:: 10800

presnt value 89200

Standard deduction(30%) 26760

Income on which tax applicable 62440

Now the Service tax on rental income from immovable property is come in from some time.

Now If I have rental income from property given on commercial use.. Income is Rs. 100000/- per month i.e. Rs. 12 Lacs per annum, then

1. Do I get the standard deduction of 30% u/s 24A?
2. As before I was not under the service tax net.. this property was treated like house property and rental income was shown in income from house property head with claiming std deduction.

Please help me as I think I may be totally messed in multiple taxes.

Panjwani

HELLO SIR,

I AM LIVING A RENT HOUSE RENT AMOUNT RS. 6000/- PER MONTH MY HOUSE GROSS VALUE AROUND RS. 15,00,000/- I REAIR THIS HOUSE AT MY SELF & PAY FOR REPAIR RS. 1,10,000/- PLEASE HELP ME FOR CAL. MY DEBET  AMOUNT IN INCOME TAX

THANKS 

JAGJEET SINGH

Is the standard deduction of 30 % on rent to be done pro rata if teh place is rented out only 3 months of the year?