House property income
This query is : Resolved
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.
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
So you can claim deduction of municipal taxes amounting to Rs. 60,000/- in the FY 2013-14
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