19 June 2023
Hi Experts, My Flat was unoccupied for 2 years and then we had incurred huge costs for Renovating the property & also the society asked for some structural building work for mandatory repair.
For last 9 months in FY 22-23 my flat is now been rented out but now how do I deduct above costs for its tenantable state?
19 June 2023
You are allowed to deduct 30% lump sum as standard deduction from the rent, for repairs and maintenance. No more deduction is applicable from rent.
CAclubindia
