The income is from STCG, LTCG and lease rentals from office space. Which ITR to be used, presently using ITR-2. Whether any deductions is available from income from lease rental received ?
Yashpal-You have to use the same ITR-2. There is no difference between commercial or residential rental income from taxing point of view. The deductions available for property income are as below.
1) Municipal taxes you paid.
Deductions under Sec.24 of IT Act.
a) Standard deduction of 30% on annual value.
b) Interest on loan