Upgrad LLM

rental income computation


I have a flat in Mumbai and I have let it on leave and license basis.

The Society is charging in addition to normal maintenance charges additional for rental flats:

1 Non Occupancy Charges

2 Car parking charges for those who have not bought Car Parking area from Builder

3 Additional car parking charges for rental apartments

Is any of these can be deducted from rental income for Income tax to arrive at net taxable rental income?

Thanks for cooperation

 
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Advocate

Under S.24 of the Income Tax Act standard deduction of 30% is offered to the assessee to be deducted from his NAV. He is also allowed deduction of interest payment, apart from that no other deductions are allowable as incurred by you.

 
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Thanks for clarification.

If I appoint sombody on compensation to collect the rent and other associated work, can the compensation will be considered for tax deduction

Thanks

 
Reply   
 
Advocate

No

 
Reply   
 
Advocate

No, the expenses are not deductible however, there are certain exceptions

 
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Advocate

What are the facts, your post are contradictory

 
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