My 3 year rental were booked in one year only so I am getting huge tax liability.
Is there any way to reduce tax ?
Plz help urgent
5 Replies
MAHARAJA SELVA ESWAR
(285 Points)
Replied 28 October 2020
If you have taken loan for the property , and it is a let out one naa then you can claim interest paid in the funancial year ,if it is self occupied naa then lower of 200000 or actual interest paid in the fy can be claimed to reduce the tax burden .
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 28 October 2020
No way to reduce tax, pay tax under normal procedure
Priya Munot
(11 Points)
Replied 28 October 2020
You will only be eligible for 30% Standarddeduction from the total rental income
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 29 October 2020
No, section 89 not applicable in your case
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