Tony K (Shareholder) (51 Points)
16 April 2019My wife just inherited a property in India and we are going to rent it. The rent is expected to be 10 Lacs a year.
- Is 30% deduction straight allowed on the property with no questions asked - does it mean only 7 Lacs is taxable? What IT rule governs that?
- Can depreciation be claimed on the cost basis of the building if only income is rental income for the owner ? If Yes, how much can be claimed ?
- Can any other expenses we claimed also to save taxes?
Regards
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177972 Points)
Replied 16 April 2019
1. Yes, correct . U/s. 24(a) of the act.
2. No.
3. No. (except home loan interest)
Rahul Rustagi
(Student CA Final )
(310 Points)
Replied 16 April 2019
CAclubindia
