M Sairam (Semi Qualified CA) (421 Points)
22 August 2016Dear Friends and CAs,
First time today i hear about VACANCY ALLOWANCE in House Property Head. I read 2 Books of Taxman and read articles in online about this allowance but still i am full confusion about VACANCY ALLOWANCE. Please tell me benefit of this allowance to owner and explain this allowance with section
ACA Anurag
(Enjoy the little things)
(14706 Points)
Replied 22 August 2016
Dear M Sairam,
If the property remained vacant during the full or part of previous year, even after your best effort to let it out, you can claim deduction as vacancy allowance under section 23(1)(c) of the income tax Act. You will not have to pay tax on any notional rent for the period for which property remained vacant.
But u have to make sure that u made your best effort to make it rented .
Hope your query has been resolved .
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Originally posted by : M Sairam
Dear Friends and CA's
First time today i hear about VACANCY ALLOWANCE in House Property Head. I read 2 Books of Taxman and read articles in online about this allowance but still i am full confusion about VACANCY ALLOWANCE. Please tell me benefit of this allowance to owner and explain this allowance with section
CAclubindia
