https://www.taxtmi.com/article/detailed?id=5373 A statutory standard deduction for income from house property is computed as a percentage of annual value to cover upkeep, repairs, rent collection and administration and is distinct from depreciation, which is allowable on the cost of the building. The article argues the statutory deduction cannot be treated as inclusive of depreciation, criticises the fixed percentage for mismeasuring real income when actual expenses vary, and recommends allowing actual expenses and depreciation to better reflect economic income, noting that the Haldia Riverside decision treating the deduction as excluding separate depreciation merits reconsideration. en-us Tue, 03 Dec 2013 06:47:23 +0530 Tue, 03 Dec 2013 06:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5373 A statutory standard deduction for income from house property is computed as a percentage of annual value to cover upkeep, repairs, rent collection and administration and is distinct from depreciation, which is allowable on the cost of the building. The article argues the statutory deduction cannot be treated as inclusive of depreciation, criticises the fixed percentage for mismeasuring real income when actual expenses vary, and recommends allowing actual expenses and depreciation to better reflect economic income, noting that the Haldia Riverside decision treating the deduction as excluding separate depreciation merits reconsideration. Articles Income Tax Tue, 03 Dec 2013 06:47:23 +0530 https://www.taxtmi.com/article/detailed?id=5373