Sponsored
    Follow Us:
Sponsored

Issue/Justification

In most urban areas, maintenance of building is undertaken by the society, federation, company or common body and the expenses for such maintenance are substantial. The same need to be allowed as deduction against rental income so as to ensure that it is only the real income that is brought to tax. There is a spate of litigation that prevails in the country on account of this item of expense. Amending the law and allowing a deduction for the same would lead to considerable reduction in litigation.

No provision presently exists to allow deduction for maintenance charges paid to a housing society etc even though it is a substantial and recurring expense.

New clause be inserted to provide deduction of maintenance charges paid to Society, federation etc.

Suggestion

Contribution towards maintenance charges actually paid to society, company, federation or common body should be allowed as deduction.

Source-  ICAI Pre-Budget Memorandum–2018 (Direct Taxes and International Tax)

Sponsored

Tags:

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

2 Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930