16 July 2024
I stay in ancestral property. I have one property jointly owned by me and my wife which is rented out. what will be Income tax treatment for rent received, property tax paid, and repairs expenses? Can any one of us claim such property as self occupied?
16 July 2024
As it is rented out, it cannot be said as self occupied, you both can share the rent equally, and get 30% standard deduction from rent as cost of repairs and maintenance.
CAclubindia
