Hra income

This query is : Resolved

Bharat Patel (Querist)
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03 October 2011 SIR,

MY FRIEND DRAWING HRA @ 20% IN SALARY. HE HAS HAVING HOUSE RENT INCOME @ 50000/-PY. HE ALSO HAVING HOUSERENT LOAN FOR ANOTHER HOUSE (WHICH HE OCCUPIED).

1. IS HOUSE RENT INCOME OF RS. 50000/- IS ADDEDED IN INCOME OR NOT>

2. CAN WE CLAIM REPAIRS & MAINTE., WATCHMAN, SAY RS. 30000/-?

3. ANY OTHER DEDUCTION WE GET OUT OF HOUSE RENT INCOME, TO AVOID TAX.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 October 2011 Yes the rental received from the house property is taxable under the head Income from House Property.

Only two deductions are allowed from such income:
(i) Flat deduction of 30% from the income
(ii) Interest paid on loan.

Apart from that no other deductions are allowed.