House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2017
How to calculate House Property
KAVIRAJA ADDANGADI
(Expert)
11 December 2017
Gross Annual Value of the property: The gross annual value of a self-occupied house is zero. It is the rent collected for a house on rent.
Less Property Tax: Property tax, when paid, is allowed as a deduction.
Net Annual Value: Net Annual Value = Gross Annual Value – Property Tax
Less: 30% standard deduction on NAV: A standard 30% deduction on NAV is allowed as a deduction under Section 24 of the Income Tax Act. No other expenses such as painting and repairs can be claimed as tax relief beyond the 30% cap under this section.
Less: Interest on home loan: Deduction is allowed for Interest on home loan.
Income from house property: The resulting value is your income from house property. This is taxed at the slab rate applicable to you.
Less Property Tax: Property tax, when paid, is allowed as a deduction.
Net Annual Value: Net Annual Value = Gross Annual Value – Property Tax
Less: 30% standard deduction on NAV: A standard 30% deduction on NAV is allowed as a deduction under Section 24 of the Income Tax Act. No other expenses such as painting and repairs can be claimed as tax relief beyond the 30% cap under this section.
Less: Interest on home loan: Deduction is allowed for Interest on home loan.
Income from house property: The resulting value is your income from house property. This is taxed at the slab rate applicable to you.
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