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of <h1>New Deductions Under Clause 26: Local Taxes, Service Taxes, and 20% Repair Allowance for House Property Income</h1> Deductions from gross rent under Clause 26 of the Direct Taxes Code Bill, 2009, include several components for computing total income from house property. These deductions encompass taxes levied by local authorities and service taxes paid to the Central Government, provided they are paid within the financial year. Additionally, a deduction of 20% of the gross rent is allowed for property repairs and maintenance. Interest on capital borrowed for acquiring, constructing, or repairing the property, or for repaying such capital, is also deductible. However, no deductions are allowed for properties specified in subsection (4) of section 25.
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