04 October 2013
I have a flat in Mumbai and I have let it on leave and license basis. The Society is charging in addition to normal maintenance charges additional for rental flats: 1 Non Occupancy Charges 2 Car parking charges for those who have not bought Car Parking area from Builder 3 Additional car parking charges for rental apartments Is any of these can be deducted from rental income for Income tax to arrive at net taxable rental income? Thanks for cooperation
04 October 2013
Under S.24 of the Income Tax Act standard deduction of 30% is offered to the assessee to be deducted from his NAV. He is also allowed deduction of interest payment, apart from that no other deductions are allowable as incurred by you.
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