 "To pay or not to pay? Key tax suggestions that you shouldn't ignore")
I rent out my property for Rs 300,000 a year. What deductions can I claim?
Rental income is taxable under the head Income from House Property. Under Section 24 of the Income Tax Act, 1961, you can claim a deduction on the municipal taxes paid during the year on the property. Thereafter, from this net amount, 30 per cent of it is allowed as standard deduction. There is no deduction for the actual repair or maintenance.
In case you borrowed money to acquire or build this house, the interest payable is also permitted to be claimed as a deduction. However,
