House Property
Rental Income from Sub-Letting
Rental income earned from properties you own is taxed as income from house property. However, if you sub-let a property that you don’t own, the income isn’t considered house property income. It depends on how the property was sub-letted. If it was ...
Autofill House Property Income
House property income is the rent earned from the property you own, whether it’s a house, apartment, shop, or office space. This income is taxable, but deductions such as home loan interest and property taxes can help lower the taxable amount. If TDS ...
Unable to Add more than 2 Self Occupied Properties
A self-occupied house property is one that you use for your own residence or personal use. According to income tax laws, if you own more than two house properties and leave them vacant for the entire year, they will be treated as deemed let-out. This ...
How is Standard Deduction on Rent Calculated?
If you’ve rented out your property, ongoing costs like maintenance, repairs, or upkeep are still ongoing. To simplify things, the Income Tax Department allows a 30% standard deduction on the net annual value (rent received minus property taxes paid). ...
Add Pre-Construction Interest for House Property
Pre-construction interest is paid on a home loan before taking possession of the property. Loans usually have two parts: interest and principal. During the pre-construction period, only interest is charged. You can't claim this interest when it's ...
Claim Property Taxes Paid on House Property
Property tax is an annual fee that property owners pay to local governments or municipal bodies. It’s used to fund public services like roads, sanitation, and infrastructure within the area. If you pay property tax on a rented property, you can claim ...
Add Rental Income for a Jointly Owned Property
Jointly-owned property is held by two or more people—whether spouses, business partners, friends, or family members. It’s a smart tax move since rental income, property taxes, home loan interest, and principal repayment are shared among co-owners. ...
Calculate Rent for Deemed Let-Out Property
Owning a home is a dream for many. However, if you own more than two properties for personal use, the additional properties will be treated as deemed let-out. This means you’ll need to pay tax on the notional rental income. Keep reading to learn how ...
Manage House Property Income
House property includes any building or land, such as a house, apartment, office space, or hotel. This guide explains when to report your property in the ITR, how to add it, and the required details. When to Report House Property in Your ITR You earn ...