House property income

This query is : Resolved

VIJAY KUMAR SHARDA (Querist)
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03 November 2014 AN ASSESSEE HAS RECEIVED A RENTAL INCOME FROM HOUSE PROPERTY DURING F/YEAR 2013-2014 SAY Rs.50,000/- BUT HE HAS PAID MUNICIPAL TAXES INCLUDING ARREARS Rs.60,000/-DURING THE YEAR 2013-2014. CAN WE CLAIM LOSS FROM HOUSE PROPERTY FOR Rs.10000/- AND ADJUST THE SAME FROM FROM OTHER INCOMES.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2014 As per Section 23 of the Income Tax Act municipal taxes are allowed as a deduction in the year in which they are actually PAID.

So you can claim deduction of municipal taxes amounting to Rs. 60,000/- in the FY 2013-14