03 June 2014
if part of house let out and other portion is self occupied and Municipal taxes can be deducted only to the proportion of HP let-out in municipal tax *%of let out house or not
03 June 2014
IN THIS CASE,SELF OCCUPIED AND LET OUT PORTION SHALL BE TREATED AS SEPRATE HOUSE. COMMON VALUE LIKE FAIR VALUE, MUNCIPAL VALUE, MUNCIPAL TAX AND INTEREST SHALL BE PROPORTIONATELY DIVIDED. INCOME OF BOTH UNITS SHALL BE COMPUTED SEPRATELY AND *% OF MUNCIPAL TAXES OF LET OUT PORTION DEDUCTED FROM THE LET OUT INCOME
04 June 2014
if house is self occupied for 2 month and let out for left period what should i do on that case.what should we the treatment of municipal tax and MRV/ FRV /SR
04 June 2014
IN SUCH CASE, ASSEESSE WILL NOT GET DEDUCTION FOR THE SELF OCCUPIED PERIOD AND INCOME WILL BE COMPUTED AS IF PROPERTY LET OUT THROUGHOUT THE YEAR.REASONABLE EXPECTED RENT SHALL BE TAKEN FOR THE WHOLE YEAR BUT THE ACTUAL RENT RECEIVABLE SHALL BE TAKEN FOR ONLY FOR THE LET OUT PERIOD. MRV/FRV/SR/ SHALL BE TAKEN FOR THE WHOLE YAER. MUNCIPAL TAX TO BE DEDUCTED FOR THE WHOLE YEAR.
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