A self-occupied house property is used for one's own residential purposes. This may be occupied by the taxpayer's family – parents and/or ... X InvestinMutualfundsviaBLACKAPP (1200) Install ✕ PleaseFilltheDetailstodownload Name Email* Phonenumber UserCategory Selectyouroption CA TaxPractitioner Advocate Businesslessthan100crTurnover Businessgreaterthan100crTurnover Student/Teacher Thankyouforyourresponse Areyouasalariedemployee?NowyoucanfileyourITRonthegowiththeBlackapp! Areyouasalariedemployee?FileyourITRonthegowiththeBlackapp! Alsokickstartyourinvestingjourneywithmutualfundplansandmuchmore SendDownloadLink Downloadlinksent BrowsebyTopics IncomeTax HouseProperty Business,Professional&Freelance EfilingIncomeTaxReturn IncomeTaxRefunds PayingTaxDue SalaryIncome CapitalGainsIncome Otherincomesources AdvanceTax NRI HUF IncomeTaxNotices 80Deductions IncomeTaxVerification SavingSchemes ITR UsefulTools EMICalculator IFSCCodeSearch IncomeTaxCalculator RentReceiptsGenerator HRACalculator TaxRefundStatus HomeLoanEMICalculator RecentArticles HowtofileITR-1withrentalincome? SaleofUnder-ConstructionProperty:HowtocalculateCapitalGains? HousePropertyorBusinessIncome–RayalaCorporationVsAssistantCommissionerofIT PropertytaxinMumbai GHMC:GreaterHyderabadMunicipalCorporationPropertyTax POPULARARTICLES Budget2021Live MutualFunds ITR HowtofileITR WhichITRtoFile IncomeTaxLogin IncomeTaxCalculator IncomeTaxSlabs InvestinBestTaxSavingMutualFunds InvestinMutualFundsviaSIP HowtoViewForm26AS-yourTaxCreditStatement Howtoe-fileyourIncomeTaxReturn UnderstandingForm16 IncomeTaxDepartmentPortal–Login&RegistrationGuide Youmightbeinterestedin Whatarethetaxbenefitsonstampdutyandregistrationchargesofaproperty Section206AB AcasestudyonearningIncomefromRent Acasestudyondeductionforpre-constructioninterest AcasestudyonsavingtaxesunderSection24 Casestudyonselfoccupiedhouse Home IncomeTax HouseProperty IncomefromHousePropertyandTaxes Updatedon: Oct04,2021-01:56:22PM 08minread Budget2021update:Ithasbeenproposedtoexempttheseniorcitizensfromfilingincometaxreturnsifpensionincomeandinterestincomearetheironlyannualincomesource.Section194Phasbeennewlyinsertedtoenforcethebankstodeducttaxonseniorcitizensmorethan75yearsofagewhohaveapensionandinterestincomefromthebank. Incometaxonhouseproperty:onOwningahouseoneday–everybodydreamsofthis,savestowardsthisandhopestoachievethisoneday.However,owningahousepropertyisnotwithoutresponsibilities.Payinghousepropertytaxesannuallyisoneofthem.Ifyouwanttolearnhowtosavetaxonhomeloaninterest,thisguideisforyou.Italsotalksabouthowtoreporthomeownershipinyourincometaxreturn. BasicsofHousePropertyTax Ahousepropertycouldbeyourhome,anoffice,ashop,abuildingorsomelandattachedtothebuildinglikeaparkinglot.TheIncomeTaxActdoesnotdifferentiatebetweenacommercialandresidentialproperty.Alltypesofpropertiesaretaxedunderthehead‘incomefromhouseproperty’intheincometaxreturn.Anownerforthepurposeofincometaxisitslegalowner,someonewhocanexercisetherightsoftheownerinhisownrightandnotonsomeoneelse’sbehalf. Whenapropertyisusedforthepurposeofbusinessorprofessionorforcarryingoutfreelancingwork–itistaxedunderthe‘incomefrombusinessandprofession’head.Expensesonitsrepairandmaintenanceareallowedasbusinessexpenditure. a.Self-OccupiedHouseProperty Aself-occupiedhousepropertyisusedforone’sownresidentialpurposes.Thismaybeoccupiedbythetaxpayer’sfamily–parentsand/orspouseandchildren.Avacanthousepropertyisconsideredasself-occupiedforthepurposeofIncomeTax. PriortoFY2019-20,ifmorethanoneself-occupiedhousepropertyisownedbythetaxpayer,onlyoneisconsideredandtreatedasaself-occupiedpropertyandtheremainingareassumedtobeletout.Thechoiceofwhichpropertytochooseasself-occupiedisuptothetaxpayer. FortheFY2019-20andonwards,thebenefitofconsideringthehousesasself-occupiedhasbeenextendedto2houses.Now,ahomeownercanclaimhis2propertiesasself-occupiedandremaininghouseasletoutforIncometaxpurposes. b. LetOutHouseProperty Ahousepropertywhichisrentedforthewholeorapartoftheyearisconsideredaletouthousepropertyforincometaxpurposes c.InheritedProperty Aninheritedpropertyi.e.onebequeathedfromparents,grandparentsetcagain,caneitherbeaselfoccupiedoneoraletoutonebasedonitsusageasdiscussedabove. EasyandAccurateITRFilingonClearTax Filein7Mins|MinimalDataEntry|100%Paperless E-FileITRForFREE GetanExpertAssistedPlan HowtocalculateIncomeFromHouseProperty Hereishowyoucomputeyourincomefromahouseproperty: a.DetermineGrossAnnualValue(GAV)oftheproperty:Thegrossannualvalueofaself-occupiedhouseiszero.Foraletoutproperty,itistherentcollectedforahouseonrent. b.ReducePropertyTax:Propertytax,whenpaid,isallowedasadeductionfromGAVofproperty. c.DetermineNetAnnualValue(NAV):NetAnnualValue=GrossAnnualValue–PropertyTax d.Reduce30%ofNAVtowardsstandarddeduction:30%onNAVisallowedasadeductionfromtheNAVunderSection24oftheIncomeTaxAct.Nootherexpensessuchaspaintingandrepairscanbeclaimedastaxreliefbeyondthe30%capunderthissection. e.Reducehomeloaninterest:DeductionunderSection24isalsoavailableforinterestpaidduringtheyearonhousingloanavailed. f.DetermineIncomefromhouseproperty:Theresultingvalueisyourincomefromhouseproperty.Thisistaxedattheslabrateapplicabletoyou. g.Lossfromhouseproperty:Whenyouownaselfoccupiedhouse,sinceitsGAVisNil,claimingthedeductiononhomeloaninterestwillresultinalossfromhouseproperty.Thislosscanbeadjustedagainstincomefromotherheads. Note:Whenapropertyisletout,itsgrossannualvalueistherentalvalueoftheproperty.Therentalvaluemustbehigherthanorequaltothereasonablerentofthepropertydeterminedbythemunicipality. TaxDeductiononHomeLoans a.TaxDeductiononHomeLoanInterest:Section24 HomeownerscanclaimadeductionofuptoRs2lakhontheirhomeloaninterest,iftheownerorhisfamilyresidesinthehouseproperty.Thesametreatmentapplieswhenthehouseisvacant.Ifyouhaverentedouttheproperty,theentirehomeloaninterestisallowedasadeduction. However,yourdeductiononinterestislimitedtoRs.30,000insteadofRs2lakhsifanyofthefollowingconditionsaresatisfied: A.ConditionI Theloanistakenonorafter1April1999,and Thepurchaseorconstructionisnotcompletedwithin5yearsfromtheendoftheFYinwhichloanwasavailed. B.ConditionII Theloanistakenbefore1April1999. C.ConditionIII Theloanistakenonorafter1April1999forthepurposeofrepairsorrenewalofthehouseproperty. WhenisthedeductionlimitedtoRs30,000? Asalreadymentioned,iftheconstructionofthepropertyisnotcompletedwithin5years,thedeductiononhomeloaninterestshallbelimitedtoRs.30,000.Theperiodof5yearsiscalculatedfromtheendofthefinancialyearinwhichloanwastaken.So,iftheloanwastakenon30thApril2015,theconstructionofthepropertyshouldbecompletedby31stMarch2021.(ForyearspriortoFY2016-17,theperiodprescribedwas3yearswhichgotincreasedto5yearsinBudget2016).Note:Interestdeductioncanonlybeclaimed,startinginthefinancialyearinwhichtheconstructionofthepropertyiscompleted. HowdoIclaimataxdeductiononaloantakenbeforetheconstructionofthepropertyiscomplete? Deductiononhomeloaninterestcannotbeclaimedwhenthehouseisunderconstruction.Itcanbeclaimedonlyaftertheconstructionisfinished.Theperiodfromborrowingmoneyuntilconstructionofthehouseiscompletediscalledpre-constructionperiod.Interestpaidduringthistimecanbeclaimedasataxdeductioninfiveequalinstalmentsstartingfromtheyearinwhichtheconstructionofthepropertyiscompleted.Understandpre-constructioninterestbetterwiththisexample. b.TaxDeductiononPrincipalRepayment ThedeductiontoclaimprincipalrepaymentisavailableforuptoRs.1,50,000withintheoveralllimitofSection80C.Checktheprincipalrepaymentamountwithyourlenderorlookatyourloaninstalmentdetails. Conditionstoclaimthisdeduction- Thehomeloanmustbeforpurchaseorconstructionofanewhouseproperty. Thepropertymustnotbesoldinfiveyearsfromthetimeyoutookpossession.Doingsowilladdbackthedeductiontoyourincomeagainintheyearyousell. StampdutyandregistrationchargesStampdutyandregistrationchargesandotherexpensesrelateddirectlytothetransferarealsoallowedasadeductionunderSection80C,subjecttoamaximumdeductionamountofRs1.5lakh.Claimtheseexpensesinthesameyearyoumakethepaymentonthem. c.TaxDeductionforFirst-TimeHomeowners:Section80EE Section80EErecentlyaddedtotheIncomeTaxActprovidesthehomeowners,withonlyonehousepropertyonthedateofsanctionofloan,ataxbenefitofuptoRs50,000. Clickheretoreadmore. c.TaxDeductionforFirst-TimeHomeowners:Section80EEA Anewsection80EEAisaddedtoextendthetaxbenefitsofinterestdeductionforhousingloantakenforaffordablehousingduringtheperiod1April2019to31March2020.Theindividualtaxpayershouldnotbeentitledtodeductionundersection80EE. Clickheretoreadmore.Thesebenefitsarenotavailableforanunderconstructionproperty. Doyouownmorethanonehouse? Ifyouownmorethanonehouse,youneedtofiletheITR-2form. ReadourguidetoITR-2formhere. ClaimingDeductiononHomeLoan Theamountofdeductionyoucanclaimdependsontheownershipshareyouhaveontheproperty.Thehomeloanmustalsobeinyourname.Aco-borrowercanclaimthesedeductionstoo.Thehomeloandeductioncanonlybeclaimedfromthefinancialyearinwhichtheconstructioniscompleted.Submityourhomeloaninterestcertificatetoyouremployerforhimtoadjusttaxdeductionsatsourceaccordingly.Thisdocumentcontainsinformationonyourownershipshare,borrowerdetailsandEMIpaymentssplitintointerestandprincipal.Otherwise,youmayhavetocalculatethetaxesonyourownandclaimtherefund,ifany,atthetimeoftaxfiling.It’salsopossiblethatyoumayhavetodeposittheduesonyourownifthereisataxpayable.Ifyouareself-employedorafreelancer,youdon’thavetosubmitthesedocumentsanywhere,noteventotheITDepartment.Youwillneedthemtocalculateyouradvancetaxliabilityforeveryquarter.YoumustkeepthemsafelytoanswerqueriesthatmayarisefromtheITDepartmentandforyourownrecords. TaxBenefitsonHomeLoansforJointOwners Thejointowners,whoarealsoco-borrowersofaself-occupiedhouseproperty,canclaimadeductiononinterestonthehomeloanuptoRs2lakheach.Anddeductiononprincipalrepayments,includingadeductionforstampdutyandregistrationchargesunderSection80CwithintheoveralllimitofRs.1.5lakhforeachofthejointowners.Thesedeductionsareallowedtobeclaimedinthesameratioasthatoftheownershipshareintheproperty. Youmayhavetakentheloanjointly,butunlessyouareanownerintheproperty–youarenotentitledtothetaxbenefits.Therehavebeensituationswherethepropertyisownedbyaparentandtheparentandchildtogethertakeupaloanwhichispaidoffonlybythechild.Insuchacasethechild,whoisnotaco-ownerisdevoidofthetaxbenefitsonthehomeloan. Therefore,toclaimthetaxbenefitsontheproperty: Youmustbeaco-ownerinthepropertyYoumustbeaco-borrowerfortheloan Eachco-ownercanclaimadeductionofmaximumRs1.5lakhtowardsrepaymentofprincipalundersection80C.ThisiswithintheoveralllimitofRs1.5lakhofSection80C.Therefore,youcanavailalargertaxbenefitagainsttheinterestpaidonhomeloanwhenthepropertyisjointlyownedandyourinterestoutgoexceedsRs2lakhperyear. It’simportanttonotethatthetaxbenefitofboththedeductiononhomeloaninterestandprincipalrepaymentundersection80Ccanonlybeclaimedoncetheconstructionofthepropertyiscomplete. HRAandDeductiononHomeLoan Scenario1:YouliveinarentedaccommodationsinceyourhouseistoosmallforyourneedsRaghavlivesinarentedhouseinNoidasincehisownoffice,son’sschoolandhiswife’sofficeareinNoida,HehashisownhouseontheoutskirtsofDelhiwhichisquitesmallandalsolyingvacant.Heispayinginterestontheloanonhisownhouse.Raghavcanclaim: HRAforrenthepaysforthehouseinNoida,andDeductiononinterestuptoRs2,00,000onthehomeloan Scenario2: Youliveinarentedhouse;yourownhouseisalsoletout NeharecentlyboughtaflatinIndore,thoughshelivesandworksinBangalore.ShehasnoplansofreturningtoIndoreinthenextfiveyearssoshegivesthatflatonrent.ShelivesonrentinBangalore. Nehacanclaim: HRAfortherentshepaysforthehouseinBangaloreandClaimtheentireinterestshepaysduringtheyearonthehomeloan CaseStudy AdityaearnsrentalincomefromhishouseinVizag.SeehowhisGAVandNAVarecomputedandhowmuchhehastopayastaxeshere. SignificantBudgetAmendmentin2017–Impactexplainedwithanexample TillFY2016-17,lossundertheheadhousepropertycouldbesetoffagainstotherheadsofincomewithoutanylimit.However,formFY2017-18,suchsetoffoflosseshasbeenrestrictedtoRs2lakhs.Thisamendmentwouldnotreallyaffecttaxpayershavingaself-occupiedhouseproperty.Thismovewillhaveanimpactontaxpayerswhohavelet-out/rentedtheirproperties.ThoughthereisnobarontheamountofhomeloaninterestthatcanbeclaimedasadeductionunderSection24forarentedhouseproperty,thelosseswhichcouldariseonaccountofsuchinterestpaymentcanbesetoffonlytotheextentofRs2lakhs. Hereisanexampletohelpyoucomprehendtheimpactoftheamendment: ParticularsAY2017-18AY2018-19Salaryincome10,00,00010,00,000Incomefromothersources(Interestincome)4,00,0004,00,000Incomefromhouseproperty(*)(4,40,000)(2,00,000)GrossTotalIncome9,60,00012,00,000Deductions2,00,0002,00,000Taxableincome7,60,00010,00,000Taxontheabove77,0001,12,500AdditionaltaxoutgoexcludingcessinAY2018-19onaccountoftheamendment 35,500 WorkingsforIncomefromHouseProperty ParticularsAY2017-18AY2018-19PropertyA AnnualValueNilNil(-)Interestonhousingloanrestrictedto2,00,0002,00,000LossfromHouseProperty(A)(2,00,000)(2,00,000)PropertyB NetincomefromHousePropertyafteralldeductions(B)60,00060,000PropertyC AnnualValue5,00,0005,00,000Less:StandardDeduction1,50,0001,50,000Less:Interestonloan6,50,0006,50,000LossfromHouseProperty(C)(3,00,000)(3,00,000)Totalincomefromhouseproperty(A+B+C)(4,40,000)Restrictedto(2,00,000).BalancelossofRs2.4lakhscanbecarriedforwardforthenext8AYs FrequentlyAskedQuestions Whatisyour‘incomefromhouseproperty’whenyou/yourfamilylive(s)init? Ifyouareusingyourpropertyforresidencethroughouttheyearandit’snotletoutorusedforanyotherpurpose,itisconsideredaself-occupiedhouseproperty.Thegrossannualvalueofthispropertyiszero.Thereisnoincomefromyourhouseproperty. Note: Sincethegrossannualvalueofaself-occupiedhouseiszero,claimingthedeductiononhomeloaninterestwillresultinalossfromhouseproperty.Thislosscanbeadjustedagainstyourincomefromotherheads. ClickheretoreadhowSureshmadealossonhishomepropertyduetohishomeloan. IownahouseoftwofloorsandrunmybusinessoutoftheGroundFloor.Iliveonthe1stFloor.HowmuchwillIpayintaxes? TheGroundFloorwillnotbetaxedunder“incomefromhouseproperty”head.ItshallbetaxedunderBusinessProfessionhead.Thefirstfloorwillbetreatedasaself-occupiedhouseproperty.Incomefromhousepropertywillbezerointhiscase. Ahousehasbeenself-occupiedforsixmonthsandrentedoutforsixmonths.Whatisitsincome? Calculatethegrossannualvalueofthepropertybyfindingoutitsreasonablerentandactualrentcollected. IfActualRentislowerthanReasonableRent,onlybecausethehousewasvacantandnotforanyotherreason,takeactualrentcollectedasGrossAnnualValue. IfActualRentislowerthanReasonableRentbecauseofotherfactors(saythetenantandthelandlordarerelated),thentakereasonablerentasGAV. Incomereceivedasrentfromsublettingofhousepropertywillbetaxedunder“IncomefromHouseProperty”? No.Thisisbecauserentalincomereceivedbytheownerofpropertyaloneistaxedas“IncomefromHouseProperty”.Rentalincomeinthehandsofanyoneotherthantheownershallbetaxedunder“Othersources”.Therefore,incomefromsublettingwillbechargeableunder“OtherSources”. Canadeductionofinterestpaidagainstloantakenfromfriendsandrelativesbeclaimedfromhousepropertyincome? Yes.AdeductionunderSection24forinterestpaidonloanavailedfromfriendsorrelativesisalsoallowedfromtheNetAnnualValue.Thelawnowheremandatesthattheloanshouldhavebeentakenonlyfromabanktoclaimthisdeduction. Buthere,onemustnotethattheprincipalrepaymentinrespectofsuchaloanwillnotqualifyforadeductionunderSection80C. IhavetakenahomeloanfromabankforconstructionofahouseinJune2015.TheconstructionofthehouseiscompleteinJune2018.IhavestartedpayingtheEMIforthehomeloantakenfromJuly2015.WillInotgetanybenefitofthehomeloanrepaymentmadebetweenJuly2015andJune2018astheconstructioniscompleteonlyinJune2018? Theincometaxlawallowsyoutoclaimpre-constructioninterestasadeductionfromtheNetAnnualValue,whichisnothingbuttheinterestpaymentonhomeloanmadebetweenthedateofborrowinganddateofcompletionofconstruction.Thisinterestcanbeclaimedin5equalinstalmentsbeginningtheyearofcompletionofconstructionbesidestheregularinterestclaim. HowdoestheclaimofdeductionunderSection24andSection80Cworkifahomeloanhasbeenavailedfor2houses? AtaxpayercanclaimdeductionunderSection24ofinterestpaidonhomeloanforeachofthehousesseparately.However,theoveralllossfromhousepropertythatcanbeclaimedforayearisrestrictedtoRs2lakhs. Asregards80Cdeduction,theprincipalportionofhomeloanrepaidinrespectofbothhousescanbeclaimed,howeverwithintheoverallcapofRs1.5lakhsforeachfinancialyear. Whatisaselfoccupiedproperty,letoutpropertyanddeemedletoutproperty? Self-occupied: Isonewhereyouoryourfamilyresidesandthequestionofreceivingrentalincomeoutofthisdoesnotarise LetOut: Isonewhichyouhavegivenoutonrent.Therefore,therentalincomewouldbeconsideredasyourincomefromhouseproperty. DeemedLetout: Whenataxpayerownsmorethantwohouseproperty,thelawmandatesthatonlytwo(PriortoBudget2019,itwasonlyoneproperty)suchpropertiescanbetreatedasself-occupiedwhilethethirdone(irrespectiveofwhetherletoutornot)willbedeemedtobeletout. Ihaveincurredalossfromhouseproperty.Ihavemissedthereturnfilingdeadline.WillIlosethebenefitofcarryforwardoflossesincurred? Oneissupposedtofilehisreturnwithintheduedatewhichis31Julyformostoftheindividualtaxpayers.Ifthisisnotdone,lossesifany,wouldnotbeallowedtobecarriedforwardtofutureyearsforsetoff.However,lossesfromhousepropertyisanexceptiontothisruleandcanbecarriedforwardtofutureyearsevenifreturnisnotfiledontime. Ihavepaidmunicipaltaxesonmyflaypertainingtotheyear2017-18inApril2018.CanIclaimdeductionofsuchtaxesforFY2017-18(AY2018-19)? Municipaltaxesarealwaysallowedasadeductiononlyonpaymentbasis.ThoughyouhavepaidtaxespertainingtoFY2017-18,sincethepaymenthasbeenmadeinApril2018i.e.FY2018-19,itwillbeallowedforFY2018-19onlyasadeductionfromGrossAnnualValue IamtheownerofashopspacewhichIhavegivenoutonrent.HowshouldIoffersuchincometotax? Ifrenthastobechargedtotaxunder“IncomefromHouseProperty”,thepropertythathasbeengivenonrentmustbeabuildingoralandappurtenantthereto.Sincetheshopfallsunderthedefinitionofabuilding,therentalincomefromsuchshopmustbeofferedtotaxunder“HousePropertyonly”. Ihavetransferredmyflatinthenameofmywifeasagift.Shereceivesmonthlyrentalfromthisflat.Shouldsheofferthisasherincome? Sincetheflathasbeengiventoyourwifeasagifti.e.fornilconsideration,youwillbeconsideredasthe“deemedowner”ofthehouseandtheincomefromrentingtheflatwillbeclubbedinyourhandsandyoumustofferthesametotaxashousepropertyincome. Ihavereceivedanunrealisedrentwhichwerearrearsinearlieryears.Whatwillthetaxtreatmentforsuchrealisationofarrearsofrent? Sincetheunrealisedrentwasexcludedfrom“Incomefromhouseproperty”inthepreviousyearsduetonon-realisation,youwillhavetoincludethisincomeintheyearofreceiptofarrearsofrent.Itisnotnecessarytobetheownerofthepropertyintheyearofreceipt.Youcanalsodeduct30%ofsuchrentwhilechargingittoincometax. Ihave6separateletoutproperties.ShouldIcalculatethehousepropertyincomeforeachindividualpropertyorbyclubbingalltherentalreceiptsinonecalculation? Thecalculationwillhavetobemadeseparatelyforeachoftheproperties. Iownapropertywhichwasself-occupiedfromApril2017toSeptember2017andthenwasletoutfromOctober2017toFebruary2018.HowwillIcomputemyIncomefromhouseproperty? ForthepurposeofcomputingIncomefromhouseproperty,suchpropertywillbeconsideredtolet-outthroughouttheyear.However,actualrentreceivedwillonlybeconsideredforlet-outperiodi.eOctober2017toFebruary2018. Howtocomputeincomefromahouseproperty,whenpartofthepropertyisself-occupiedandpartislet-out? Ifahousepropertyconsistof2ormoreunits,oneofwhichisself-occupiedandtheremainingunitsarelet-outthenthealltheunitswillbetreatedasindependentunitsandincomefromthoseunitswillbecomputedinthefollowingmanner: IncomefromunitoccupiedbytheownerwillbecomputedasSelfOccupiedpropertyincomeandIncomefromunitlet-outbytheownerwillbetreatedaslet-outpropertyincome HowtoclaimbothHRAandhomeloan? HRAexemption(section10-13a)anddeductionforhomeloaninstalment(section80C)andinterestaregovernedbydifferentsections.Andhenceemployeescanclaimbothofthem.Houserentallowanceistobeclaimedeitherbysubmittingproofslikerentreceiptsandrentagreementtotheemployerbeforetheendoftheyear.HereitistobenotedthatHRAcannotbeclaimedifyouareajointownerofthepropertyandpayingrenttotheotherowneroremployeerentsouttheemployer’spropertyandpayshimtherent.Butpleasenotethatthissituationcanbemonitoredcloselybytheincometaxdepartmentandthedepartmentmaydisallowtheclaimsifproperdocumentsorexplanationsarenotavailable. WouldyoulikeanexperttohelpyouwithyourI-Treturns? Gethelponyourincometaxesandtaxfiling.Theexpertscanprepareyourtaxreturnsande-filewithin48hours.PlansstartatRs.800fortaxpayerswithincomefromhouseproperty. CheckoutTheExpertAssistedPlans→Didn’tfindwhatyou’relookingfor?Relax!Youcanwriteallyourdoubtsatsupport@cleartax.in.Ourexpertswillbehappytohelpyou. AllArticles HowtofileITR-1withrentalincome? AnindividualresidentinIndiacanfileincometaxreturninITR-1forincomeuptoRs50lakh.Youcanreportincomefromsalary,onehouseproperty,othersourcesandagriculturalincomeuptoRs5,000. SaleofUnder-ConstructionProperty:HowtocalculateCapitalGains? TheIncomeTaxActdealswithexemptionsavailedonthesaleofahouseproperty;capitalgainsfromthissalemaybere-invested. HousePropertyorBusinessIncome–RayalaCorporationVsAssistantCommissionerofIT TheSupremeCourthadananoccasiontoconsiderwhetherincomefromlettingoutpropertywouldbe"businessincome"or"houseproperty"incomewherethetaxpayerisinthebusinessoflettingouthouseproperty PropertytaxinMumbai MunicipalcorporationofMumbaiisresponsibleforcollectionandadministrationofpropertytaxinMumbai.ThisarticlewillhelpunderstandhowMumbaipropertytaxesarecalculated,duedates,modeofpayment,exemptionsetc GHMC:GreaterHyderabadMunicipalCorporationPropertyTax OwnersofpropertiesinHyderabadareliabletopaypropertytaxtoHyderabadMunicipalitybodycalledGreaterHyderabadMunicipalCorporationeveryyear.KnowmoreaboutGHMCPropertyTax&itscomponents. ChennaiPropertyTax TheMunicipalitythatisentrustedwiththetaskofregulating,managingandcollectingpropertytaxinChennaiisTheGreaterChennaiCorporation.Propertytaxisleviedonbuildingandvacantlandunlessspecificallyexempted. MunicipalCorporationofDelhi–MCDPropertyTax ThisarticlegivesyouadetailedunderstandingofMCDPropertyTax/MunicipaltaxesinDelhi.Knowaboutitsmodeofpayment,calculations,interestfornonpayment,duedate,penalties,rewardsandpaymentexemptions. BBMP–BruhatBengaluruMahanagaraPalikePropertyTax AstepbystepguidetopayBBMPpropertytax.KnowaboutBruhatBengaluruMahanagaraPalike,it'spaymentprocedure,computation,forms&taxbenefits. TaxBenefitsonHomeLoanforJointOwners Checkouttheconditionstobefulfilledtoclaimthetaxbenefitsonthejointlyownedproperty.Alsofindoutthetaxbenefitsonajointhomeloan. 4StepstoClaimInterestonHomeLoanDeduction AstepbystepguideonhowtoclaimInterestonhomeloandeduction.Checkoutthedocumentsneeded,calculationofincomeandclaimingu/s80C. 5thingsyoumustknowaboutthemostcommonallowance–HRA Herearethetop5thingsyoumustknowaboutthemostcommonallowancei.eHRA.KnowabouthowtoclaimHRA,whatelserequiredtoclaimHRAetc. DeductionforPre-constructionInterest–Housepropertyincome Readthecasestudyondeductionforpreconstructioninterest.CheckouthowinterestiscalculatedtakingEMIintoconsideration. DeductionsFromHousePropertyIncome–Section24 KnowaboutincometaxdeductionsunderSection24fromhousepropertyincome.FindouttheconditionsforclaimingInterestonhomeloandeduction. HomeLoanTaxBenefit–IncomeTaxBenefitonHouseLoan knowaboutTaxbenefitonHomeloan,Housingloaninterestdeduction,IncomeTaxrebateonHomeloan.FindoutIncometaxexemptionandhomeloantaxbenefit ReadClearTax'scasestudiesonhomeloansandincometaxes|Learnhowyouaretaxedwhenyouarealandlord|Rentalincome FileIncomeTaxReturnsonlinewithClearTax.ClearTaxisfast,safeandveryeasytouse.Savemoney. ClearTaxhandlesallcasesofIncomefromSalary,InterestIncome,CapitalGains,HouseProperty,BusinessandProfession.ClearTaxmaximizeyourdeductionsbyhandlingalldeductionsunderSection80likesection80C,80D,80CCF,80G,80E,80Uandtherest. Youcanuseyourdigitalsignaturetoe-file.OurproductsaretrustedbyhundredsofCAsandcorporationsforfilingtaxesandTDS. DeductionUnderSection24forHomeOwners FileIncomeTaxReturnsonlinewithClearTax.ClearTaxisfast,safeandveryeasytouse.Savemoney. ClearTaxhandlesallcasesofIncomefromSalary,InterestIncome,CapitalGains,HouseProperty,BusinessandProfession.ClearTaxmaximizeyourdeductionsbyhandlingalldeductionsunderSection80likesection80C,80D,80CCF,80G,80E,80Uandtherest. Youcanuseyourdigitalsignaturetoe-file.OurproductsaretrustedbyhundredsofCAsandcorporationsforfilingtaxesandTDS. ClearTaxCaseStudyonPre-ConstructionInterest Pre-constructioninterestisdeductedonhomeloaninterestbutcanonlybeclaimedafterthehouseisfinished.Readtheguidetofindouthowyoucanclaimpre-constructioninterestforyourhouse. ReadClearTax'scasestudiesonhomeloansandincometaxes|Learnhowyouaretaxedwhenyouarealandlord|Rentalincome FileIncomeTaxReturnsonlinewithClearTax.ClearTaxisfast,safeandveryeasytouse.Savemoney. ClearTaxhandlesallcasesofIncomefromSalary,InterestIncome,CapitalGains,HouseProperty,BusinessandProfession.ClearTaxmaximizeyourdeductionsbyhandlingalldeductionsunderSection80likesection80C,80D,80CCF,80G,80E,80Uandtherest. Youcanuseyourdigitalsignaturetoe-file.OurproductsaretrustedbyhundredsofCAsandcorporationsforfilingtaxesandTDS. TaxbenefitonStampDuty&RegistrationChargesofaProperty StampDutyandRegistrationchargesofahousepropertycanbeclaimedasadeductionunderSection80C.Thistaxbenefitmustbeclaimedinthesameyearthepaymentismade. AllaboutHouseProperty-Income,HomeLoans&Deductions Guidetounderstandingtheimplicationsofhousepropertyincomeandhomeloansonyourtaxes BrowsebyTopics IncomeTax HouseProperty Business,Professional&Freelance EfilingIncomeTaxReturn IncomeTaxRefunds PayingTaxDue SalaryIncome CapitalGainsIncome Otherincomesources AdvanceTax NRI HUF IncomeTaxNotices 80Deductions IncomeTaxVerification SavingSchemes ITR UsefulTools EMICalculator IFSCCodeSearch IncomeTaxCalculator RentReceiptsGenerator HRACalculator TaxRefundStatus HomeLoanEMICalculator BrowsebyTopics IncomeTax HouseProperty Business,Professional&Freelance EfilingIncomeTaxReturn IncomeTaxRefunds PayingTaxDue SalaryIncome CapitalGainsIncome Otherincomesources AdvanceTax NRI HUF IncomeTaxNotices 80Deductions IncomeTaxVerification SavingSchemes ITR RecentArticles HowtofileITR-1withrentalincome? SaleofUnder-ConstructionProperty:HowtocalculateCapitalGains? 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