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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
