Standard deduction 30%

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Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 please clarify the deduction on income from house property.
what is the compliance behind it ?

Thanks

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 April 2015 The standard deduction is allowed towards repair and maintenance, depreciation and other expenses on house property.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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21 April 2015 There are no said compliance require to avail this

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Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 If I have income from house property is Rs. 1,50,000/-

Repair cost Rs 20,000/- annualy

then 30% deduct on what amount?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 April 2015 30% deduction on income from house property irrespective of the quantum of actual repairs.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 So it means 30% deducted on 1,50,000/-
But what if the cost annual repair is more than the rent received?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 April 2015 Yes you are right. If the cost of repairs more than the rent received it will be allowed up to 30% only.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 Means 30% on 1,50,000/- is 45,000/-
150000-45000=105,000/-
Let the cost of repair is 180,000/-
deduction we have only 45000/-
the difference amount of Rs.135000/- is consider as loss or else.

How the loss adjusted?

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 April 2015 The loss can't be adjusted for tax workings.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 Thanks for help.
But the amount of Rs.135000/- is borne by the Taxpayer, their has to be any logic of using this loss any how?

If yes please help

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 April 2015 Every year such huge repairs will not happen. Most of the years it will be less than 30% or nil.