Is property-tax eligible for deduction from income-tax

POSTED BY Sambaran Mitra ON December 31, 2011 9:09 am COMMENTS (11)

I pay property-tax for my apartment. Can I claim this property-tax payment as a deduction from my annual income tax?

11 replies on this article “Is property-tax eligible for deduction from income-tax”

  1. Deb says:

    It is possible to claim deduction in income tax from property / municipal tax payment — See the article in the link mentioned below [ visit the section on the page INCOME FROM HOUSE PROPRTY : DEDUCTION FOR PAYMENT OF MUNICIPAL TAXES]
    http://www.charteredclub.com/income-from-house-property-deductions/

  2. Razu says:

    I pay property-tax for my apartment. Can I claim this property-tax payment as a deduction from my annual income tax?

  3. Ajay says:

    I pay property-tax for my own house to local municipal authorities. Can I claim this property-tax payment as a deduction from my annual income?

  4. Dear Sambaran Mitra, I’m glad that I was able to help you out. Please feel free to ask more queries in future.

    Thanks

    Ashal

    1. Mangesh says:

      hi team can u please send me the excel macro

  5. Thanks a lot Ashal. I downloaded the excelsheet, enabled the macros and played around with it. It clearly showed that property tax can be deducted only if the property is rented, just as you said.

    Playing around with the macro enabled excelsheet can indeed work as a great tutorial. Thanks for your help.

  6. Dear Sambaran Mitra, Please do one thing, download the online ITR-2 excel utility. from income tax site – http://www.incometaxindiaefiling.gov.in

    Alternatively you may check the same info from http://www.incometaxindia.gov.in under the head income from house property.

    There you ‘ll get this property tax related adjustment info.

    Thanks

    Ashal

  7. Thanks Ashal. Can you kindly let me know the source of your information? I looked at http://www.vakilno1.com/bareacts/incometaxact/s24.htm
    Specifically bullet no VII. In this article the apartment being rented is not specified as a qualifying clause.

  8. Dear Sambaran Mitra, if the apartment in question is on rent, the property tax paid to local municipal authorities is available for set off from your rental income. In case the apartment is self occupied, no set off is available.

    Thanks

    Ashal

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