Can I claim Property Tax paid for past 3 yrs as Standard Deduction ?

POSTED BY vphonsa ON April 11, 2014 4:01 pm COMMENTS (4)

Hi,

I’ve given my flat on rent & didn’t receive any property tax statement for my flat from past 3 years, now I came to know that the outstanding in my account is over 14000 (for the past 3 years). Can I claim this entire amount as an outstanding against the Standard deduction calculations for the rent? Or is the SD capped for maximum of 30% of rent received?

Thanks,

Vishal

4 replies on this article “Can I claim Property Tax paid for past 3 yrs as Standard Deduction ?”

  1. vphonsa says:
    April 14, 2014 at 2:39 pm

    Thanks Ashal, this was helpful!

    Reply
  2. ashalanshu says:
    April 14, 2014 at 8:43 am

    Dear Roshan, for self occupied property, no Standard deduction, no property tax adjustment. 🙂

    Thanks

    Ashal

    Reply
  3. roshan says:
    April 13, 2014 at 9:45 am

    Hello ashal,

    Can property tax be claimed as standard deduction for self occupied house?

    Thanks,
    Roshan

    Reply
  4. ashalanshu says:
    April 12, 2014 at 8:52 pm

    Dear Vishal, property tax is to be claimed separately from std. deduction. So in the current year. Let’s say your gross rental income is 120000 Rs. then your rental income for tax ‘ll be like this.

    Gross rental income = 120000
    Property Tax paid to municipal authorities = 14000
    Net Rental income = Gross – property tax = 120000 – 14000 = 106000
    Std. deduction on net rental income = 30% of NRI = 31800 Rs.
    Hence income from house property = NRI – (Std. deduction + home loan interest if any)

    thanks

    Ashal

    Reply

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