Applicant Cannot Deduct Property Taxes for Rental Income; Notional Interest Only if It Affects Rent Value.

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Full Text of the Document

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....Renting of immovable property service - Valuation of rental income - The applicant can’t deduct the property taxes and other statutory levies for the purpose of arriving at the value of rental income. - The notional interest on the security deposit shall be taken into consideration, for the purposes of arriving at total income from rental, only if it influences the value supply of RIS service i.e. monthly rent. - AAR....