In case of clubbing of income from house property in case of minor daughter u/s 64 (1A), whether deduction of Rs. 1500/- will be allowed after standard deduction u/ 24 i.e @ 30% or before such standard deduction to the parent (to whom such income is clubbed)?
2 Replies
Amir
(Learner)
(4016 Points)
Replied 27 March 2010
Dear Kapil Sir,
Completely agree with Uday Bhai.
Eg - GAV = 1,05,000
Less :Municipal Taxes = 5,000
NAV = 1,00,00
Less :30% S. Deduction = 30,000
Less:Interest on Laon = Nil
Annual Value 70,000
Now Rs. 1,500 will be deducted from this 70,000 and Rs. 68,500 shall be included in the Total Income of the parent.
Lets suppose in the above example Interest on loan was
a) 69,000
b) 72,000,
then Annual Income will be in a) Rs. 1000 (b) (2,000)
Now exemption u/s 10(32) will be in case of
a) Rs. 1,000 (as exemption can only be to the extent of Positive Income)
b) Nil
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