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Asked by namish on :Aug. 04, 2018

I have paid municipal taxes for the property I ha…

I have paid municipal taxes for the property I have been letting out, can I consider it expenses an…

I have paid municipal taxes for the property I have been letting out, can I consider it expenses and deduct it from the rental income. If yes, advise how I can do that.

0

Chiranjibi Aug. 04, 2018

After you have calculated your Gross Annual Value, you can deduct the municipal taxes paid to arrive at the Net annual value.

Needless to say, this amount will reduce your tax liability, because income from house property is calculated after providing necessary deductions from the Net Annual Value.

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