According to Indian income tax rules, what is called as loss on let out property. Is there any basis for declaring it and claiming the same.
Thanks VKB. Just trying to add more clarity to my question.
Assuming, the individual pays some amount for maintaining the house (for general maintaince, repairs, power, water, coloring etc), is that amount is treated as loss on let out property.
If the property is not letout for some time but the maintaince amount is spent, then can it be claimed as well?