Answer:
Section 24(a) of the Income Tax Act allows a standard deduction of 30 % of the net annual value. This deduction is automatic & does not depend on the quantum of actual expenditure incurred.
This deduction is allowed even if no expenditure is incurred by the taxpayer. However, this deduction is not available for self-occupied property as the annual value in such a case is nil.
About the author..
The writer Mr. Suresh Surana is founder of RSM Astute Consulting Group
Standard Deduction of 30 % not Available on Self Occupied House..!
by Mr. Suresh Surana, RSM Astute Consulting Group
Question:
I own two flats in Chennai. One flat is being used for residential purposes & the other has been let out on rent. Is it necessary to incur some expenditure on repair & maintenance, etc., to claim deduction of 30 % while calculating income from house property?
Answer:
Section 24(a) of the Income Tax Act allows a standard deduction of 30 % of the net annual value. This deduction is automatic & does not depend on the quantum of actual expenditure incurred.
This deduction is allowed even if no expenditure is incurred by the taxpayer. However, this deduction is not available for self-occupied property as the annual value in such a case is nil.
About the author..
The writer Mr. Suresh Surana is founder of RSM Astute Consulting Group
Answer:
Section 24(a) of the Income Tax Act allows a standard deduction of 30 % of the net annual value. This deduction is automatic & does not depend on the quantum of actual expenditure incurred.
This deduction is allowed even if no expenditure is incurred by the taxpayer. However, this deduction is not available for self-occupied property as the annual value in such a case is nil.
About the author..
The writer Mr. Suresh Surana is founder of RSM Astute Consulting Group
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