[1] property taxes allowed as deduction only on payment basis [2] 30% standard deduction on net annual value [ gross rent less property taxes ]–and this is allowed regardless of whether such expenses are incurred or not [3] Monthly maintenance is not allowed as deduction [4] Interest on loan is allowed on ” due ” basis [5] Pre-construction interest is allowed in five equal instalments from the year in which construction is completed. [6] interest paid outside India shall be allowed as deduction only if TDS was deducted on such interest payments.
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