Income fr house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2013 I am a salaried employee received other income(Rent)of Rs.1,80,000 for the FY 2012-13. I have paid Soceity Maintenance allowance of Rs.40,000 & Repair of Rs.60,000.

Pl confirm what is the amount exempt from income.

Thanks in advance.

kunal

kunal (Expert)
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30 March 2013 you will get flat 30% deduction from rent.. and nothing else..
please refer section 24 of the income tax act

thanks!!

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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30 March 2013 From income from house property at flat rate of 30% deduction alowable as standered deduction for the purpose of repair irrspective of your expenditure incurred or not. And this deduction of 30% shall be computed after the deduction of municiple taxes if any paid by the owner. Computation of income from house property is as follows

a) ALV XXX
b) Less: Municeple taxes paid by the owner XXX

C) Balance a-b
d)Less 30% standered deduction on C XXX
e)Less interest on housing loan(If any) XXX
f) Net income from house property chargeble to tax c-d-e.

OM SAI SRI SAI JAI JAI SAI

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Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2013 Thanks Expert,

one more query can i collect rent income in spouse name then what is tax effect.