While computing income chargeable to tax under the head “Income from house property” in the case of a let-out property, what are the expenses to be deducted from gross annual value?
FAQs on Income from house property
Contents
Acts
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Deductions for let-out property limited to municipal taxes paid, standard deduction, and interest on borrowed capital. Deductions from gross annual value for a let-out property are limited to municipal taxes actually paid by the owner during the year, a standard deduction ... Summary
Deductions for let-out property limited to municipal taxes paid, standard deduction, and interest on borrowed capital.
Deductions from gross annual value for a let-out property are limited to municipal taxes actually paid by the owner during the year, a standard deduction calculated on net annual value, and interest on capital borrowed for purchase, construction, repair, renewal or reconstruction of the property; municipal taxes due but unpaid and taxes borne by the tenant are not deductible and no other expenditures are allowable.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
