Udgam Koomar (Tax Technologist) (1949 Points)
23 July 2015An NRI has his commercial property (shop) and its not on rent, no income from it in last FY. But the owner had to pay around 1.2Lacs of maintenance money to the building owner. Can this be claimed as negative income from property in the ITR?
Also does NRE and NRO accounts are to be mentioned in ITR bank list as I guess basically these are savings accounts only. Thanx
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 23 July 2015
The only occassion where the Income from property can be negative is when you claim interest on borrowed funds aganst the Annual letting value. In all other cases deduction will be limited to the ALV, which in this case you claim is Zero. So no deductions can be availed. Even if the ALV is not zero, maintanence charges are limited to 30% of ALV and not actual amount paid.
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 23 July 2015
Yes all bank accounts have to listed in ITR
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