Income from house property

srinivas (purchase) (81 Points)

03 September 2014  

sir

i have  a flat in pune which is rented out and i am showing the rent recd as income from house property and adding the amount to my salary income to pay income tax.recently i read one of the article where in it was said how we can save income tax on house property by  showing the depreciation on the house @ 5% and adjusting the same agaist even the income tax liability and other income from debt funds ,interst on Fds etc.pl let me know whether this is correct and if yes what is the form ITR to be used if we are showing depreciation on the flat.

regards

 

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