Income tax exemption

k r purushothama rao (Querist) 13 April 2014 This query is : Resolved
I am residing in my own property can i claim maintenance expenses at 30% while assessing my income tax liability in addition to annual property tax i an not earning any return from my property as it is self occupied

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R.V.RAO (Expert) 13 April 2014
from the annual let out value which is zero in your case, how can you deduct property tax and then deduct 30% towards maintenance?
so answer is no.
only interest on home loan to the tune of max. of Rs 1.5 lacs p.a(unless loan is taken before 1 st april 1999) can be claimed as deduction under sec 24 (b).

Guest (Expert) 14 April 2014
Well advised.

ajay sethi (Expert) 14 April 2014
agree with Mr rao

Rajendra K Goyal (Expert) 14 April 2014
No is the answer.

malipeddi jaggarao (Expert) 14 April 2014
Apart from interest on housing loan upto Rs.1.50 lakhs under sec.24(b), you can also claim instalments upto maxmRs.1.00 lakh under section 80C of the Income-tax Act. Ofcourse both these deductions are available if you have any housing loan repayments during the assessment period.

T. Kalaiselvan, Advocate (Expert) 14 April 2014
I agree with Mr. R.V. Rao's opinion on the subject.

R.V.RAO (Expert) 15 April 2014
thanks. thiru kalaiselvan ji,
sri ajay sethi ji and sri dhingra ji.

Guest (Expert) 15 April 2014
You are welcome Rao ji.

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