Only Three Types Of Expense Allowed To Be Deducted From House Poperty Income!
January 5, 2009 by taxworry · Leave a Comment
I am a salaried employee with self occupied house. I am availing tax benefit out of loan for purchase of the house. Apart from this, can I show following expenses as a loss towards the property and deduct it from my income?1. Expenses against house renovation e.g. furniture, painting2. Monthly maintenance charges paid to the Housing Society. Property tax paid to corporation. Amit , Mumbai
Following are the three types of expense allowed to be deducted while computing income from house property
1. Municpal tax paid
2. Standard deduction 30 % of (Rent – Municipal tax)
3. Interest paid or payable on the loan used for house purchase or construction.
No expense of any kind whatsoever can be deducted from house property income.
That answers your question.
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