It Benefit For Apartment Maintenance & Property Tax For Self-Occupied Property


Ramakrishnan N
watch_later 1 year, 8 months ago

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.

  • chatComments
1 Answer

CA Ankit Sharma watch_later 1 year, 8 months ago
arrow_drop_up
0
arrow_drop_down

Hi

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.

  • chatComments
    Thank you sir. - Ramakrishnan N
    How about maintenance charges payments (towards security, cleaning, gardening, etc) for self-occupied own flat. - Ramakrishnan N
    These are not deductible. U/s 24, only interest on loan are deductible for self occupied property - CA Ankit Sharma
    Thank you sir. I am clear now. - Ramakrishnan N
Did Not get Answer?

Join the largest Taxation Q&A platform on internet and ASK YOUR OWN question.

Ask your Question

You need to be logged in to answer.

Related Questions

Negative cash balance

Violation of u/s 269ss and u /s 269st
Non-profit organisation
Income tax queries
CAPITAL GAIN OR BUSINESS
Can 2019 audit income tax return date extend how much
TDs on annual subscription
TDS deduction Tan Number Required
Income tax TDS
For balance sheet Net profit To look less

Top Members
Related Articles

Whether 'tips' received fall within the meaning of "Salaries" to attract TDS under section 192

Mandatory requirement of furnishing PAN in all TDS statements, bills, vouchers and correspondence between deductor and deductee [Section 206AA] | AY 2019-20 onwards
Furnishing of statements in respect of payment of interest to residents without deduction of tax [Section 206A] | AY 2019-20 onwards
Person responsible for paying taxes deducted at source [Section 204] | AY 2019-20 onwards
Common number for TDS and TCS [Section 203A] | AY 2019-20 onwards
What if TDS is not deducted or paid [Section 201] | AY 2019-20 onwards
Duties of Person deducting income tax [Section 200] | AY 2019-20 onwards
Credit for tax deducted at source [Section 199] | AY 2019-20 onwards
NO TAX DEDUCTION IN CERTAIN CASES [SECTION 197A] | AY 2019-20 onwards
Certificate For Deduction OF Tax At a Lower Rate [Section 197] | AY 2019-20 onwards

Never File Wrong GSTR-1

Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.

CHECK MULTIPLE GSTIN
Used by
Verify GST Number
GST number Search by name
Ask Question