House property
This query is : Resolved
15 March 2014
sir,
For the financial year 2012-13 the house property was vacant for the whole year (the property is other than self occupied property)but municipal taxes was paid for the property whether the municipal tax paid can be shown as expense for such property.
gross annual value 0
less: municipal tax (5000)
------
net annual value -5000
less: deduction u/s 24
1. 30% standard deduction 0
2. int on borrowed capital 0
-----
loss from house property -5000
-----
can be claimed or not
For the financial year 2012-13 the house property was vacant for the whole year (the property is other than self occupied property)but municipal taxes was paid for the property whether the municipal tax paid can be shown as expense for such property.
gross annual value 0
less: municipal tax (5000)
------
net annual value -5000
less: deduction u/s 24
1. 30% standard deduction 0
2. int on borrowed capital 0
-----
loss from house property -5000
-----
can be claimed or not
16 March 2014
This house property will be treated as Deemed to be let out and in that case a government rent to be calculated and you have to show a notional Rent amount in the Gross Annual Value and then you can take a Deduction of Municipal Taxes Actually paid for the year....
19 March 2014
Thanks to expert Agarwal.
This link may be of help
https://www.wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Income%20From%20House%20Property.htm
This link may be of help
https://www.wirc-icai.org/wirc_referencer/Income%20Tax%20&%20Wealth%20Tax/Income%20From%20House%20Property.htm
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