18 December 2008
After deducting Municipal Tax, property owner is not qualify for any deduction i.e repair & Maintenance. so for consolidated @30% deduction is allowable
18 December 2008
It is a statutory deduction allowed u/s 24(a) of Income Tax Act 1961. As you are not allowed to claim any expenses for repair & maintt. etc incurred for House Property. In place of this you have been given exemption of 30% to cover all these expenses.
CAclubindia
