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Taxable Income

Permissible deductions from Annual Value for let out house

The permissible deductions from annual value for let out properties are as follows:

(i) Deduction equal to 30% of the annual value, irrespective of any expenditure incurred by the taxpayer. No other allowance for repairs, maintenance etc. would be allowable.

(ii) Interest on borrowed capital

Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

Source: Income Tax Department

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