A house property can be anything that is attached to the land; it could be a house, an office, a shop, or even a structure.
The Income Tax Department makes no distinction between a commercial establishment and a primary residence. Under the income from house property head, all properties are taxed with a deduction allowed u/s 24 of the Income Tax Act.
Here's your document checklist and a complete guide on House Property & taxes.
To add House Property Income on Quicko:
- In the Filing tab, navigate to INCOMES > HOUSE PROPERTY from the side nav
- Choose Your House Property Type, applicable to you
- Enter the required details
- House Property Address
- Annual rent received
- In case of any co-owners, add ownership details
- Click on Save
You will land on the summary screen once the details have been entered.
Note: Under the old tax regime, you can claim deduction for interest paid on home loan u/s 80C. However, if certain conditions are fulfilled, you can also claim deduction u/s 1. 80 EE (First time Home Buyer) 2. 80 EEA (For Affordable Housing)