How to avail Income Tax Benefit for maintenance fee payment (such as security, cleaning, etc. in a apartment complex) as well as property & water tax payments of self-occupied property. If it is possible, then under which section I shall input such taxes/expenses. Noticed that municipal taxes paid for letout properties is possible, but do not find such for self-occupied properties.
Under Income tax Act, property taxes are not allowed for deduction in respect of self occupied residential house, as there is no income. For self occupied properties, you are allowed to take benefit only of interest on loan taken for construction or acquisition of residential house.
Sign up to discuss taxation, accounting and finance topics with experts from all over India.Join Discussion