Treatment of income from house property in hands of salaried personals

FCS Deepak Pratap Singh | Last updated: 30 January 2023

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This article explains the tax treatment of income from house property for salaried individuals in India. It covers the nuances of House Rent Allowance (HRA) claims, including conditions and calculation methods, as well as deductions available for home loan interest under Section 24 and principal repayment under Section 80C. The guide also details how to compute income from house property, distinguishing between self-occupied and let-out properties, and clarifies the implications of property ownership and co-borrowing on tax benefits.

As you are aware that, the period of Jan-March is a period in which we salaried personal are in tremendous stress to save our taxes and the instruments in which we have to invest to save taxes. This Tax Planning should be done at the beginning of the financial year and you have to prepare a budget considering all your incomes and expenses and also the estimating tax you supposed to pay on all your income. Your employer generally shares with you Tax Forecast for the year and at the beginning your

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1 Year PLAN

1999

(Excl. of GST ₹359)

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2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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