Hi Experts,
My Query pertains to eligibility for Standard Deduction.
Lets say, an Assessee has a 2 storied building. One is Self-occupied. The other one is let out to a bank on rent. Also, the roof-top of the building is let out to a Mobile Towers company for installation of mobile towers.
Rent from Bank Rs.35000 per month
Rent from Mobile Towers Rs.12000 per month.
Can the Assessee in above case (Tenants are companies and NOT individuals) deduct 30% as Standard deduction from Gross Taxable income ??????
Also, if the Housing Loan Interest is more than 2 lakhs per annum, can the assessee claim complete rebate or is it restricted to 1.5 lakhs.
Many Thanks in advance.
CAclubindia
