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Deductions and Allowances under the head 'Income from House Property' for the Assessment Year 2018-19 & 2019-20

Section

Nature of Deduction

Who can Claim

UNDER THE HEAD “INCOME FROM HOUSE PROPERTY”

23(1), proviso

Taxes levied by local authority and paid by the owner

All assessees

24(a)

Standard deduction [ 30% of net annual value]

All assessees

24(b)

Interest on borrowed capital

All assessees




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Tax Amendments in Finance Bill 2020

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