Income from house property

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Sridhar Mishra (Querist)
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31 January 2012 Hi friend
Can somebody clarify my doubt that, can I claim the Standard deduction of 30% towards the maintenance & deduction of Society maitenance & property tax paid by me located in Mumbai? Even though I suppose to receive the rent for Feb & Mar-12.In other words my house was vacant from Apr-11 to Jan-12 & I paid the above tax & maintenance.please provide me the sections so that it will help us in future reference.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 January 2012 Please make calculation as under-

Income Taxable as House Property Income-

Rent Received xxxxx
Less: Municipal Taxes Paid xxxx
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Net Annual Value xxxxx
Deduct 30% of Net Annual Value xxxxx
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