| Deductions: | |
| Description | Nature of Deductions |
| Municipal Taxes | Municipal taxes including service-taxes levied by any local authority in respect of house property is allowed as deduction, if: a) Taxes are borne by the owner; and b) Taxes are actually paid by him during the year |
Showing posts with label Income from House Property. Show all posts
Showing posts with label Income from House Property. Show all posts
Wednesday 5 July 2017
Deduction in Income from House Property
Computation of income from House Property
| Income from a house property shall be determined in the following manner: | |
| Particulars | Amount |
| Gross Annual Value | - |
| Less: Municipal Taxes | - |
| Net Annual Value | *** |
| Less: Standard deduction at 30% [Section 24(a)] | - |
| Less: Interest on borrowed capital [Section 24(b)] | - |
| Income from house property | *** |
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