Deduction of municipal taxes against rent income

Mohan (Audit Assisstant & Accounts Manager)   (489 Points)

22 March 2014  

Hello everybody,

Could anybody please guide on whether payment of municipal taxes are deductible from the rent derived from letting terrace of a building in a co-operative housing society for erection of mobile tower?  If yes, then whether whole or proportionate amount is deductible? How to decide such proportion?  if not, then why?

 

Thanks in advance