Income From House Property
Priyanka Ojha (41 Points)
03 July 2018
If Municipal Taxes are Due will it still be deducted from gross annual value ?
6 Replies
CA Urvi Gandhi
(.)
(347 Points)
Replied 03 July 2018
No. Only on payment basis, deduction is allowed
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 03 July 2018
ONLY PAID IS ALLOWED NOT PAYABLE
PAID AND PAID BY OWNER EVEN NOT BY TENANT
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 03 July 2018
Municipal Taxes actually paid and borne by the assessee during the previous year are allowed as deductions . section 23 (1) proviso of the income tax act 1961
KOUSHAL JAIN
(Chartered Accountant)
(471 Points)
Replied 03 July 2018
Municipal Tax Deduction allowed from GAV on Payment basis if paid by owner only of Property.
Akhil
(Student CA )
(1005 Points)
Replied 04 July 2018
on payment basis only, it can be related to any year
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 05 July 2018
only on paid basis related to relevant ay
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