Friday 3 February 2017

About home loans in your interest for 2017

About home loans in your interest for 2017

Expenses towards repair and maintenance are not allowed as a deduction income from house property. However;  a standard deduction @30% of gross value (generally the rent received) is allowed to compensate for repair and maintenance expenses of a house property. 

This is allowed irrespective of actual expense. Alos, deduction towards municipal taxes paid during the financial year is allowed irrespective of the year to which it pertains. The above is not applicable to self-occupied property

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