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Income from house property
i rented house & got rent Rs. 72000/- during the FY 2017-18. i want to know this full amount is taxable or any deduction will get from above rent rec'd. please let me know.
Replies (2)
yes if u have taken a loan then u will ger an exemption of interest u/s 24a and a standard deduction of 30% of net annual value .
net annual value = gross annual value - municipal tax paid .
net annual value = gross annual value - municipal tax paid .
72000 - municipal tax paid =Net annual value - 30% of net annual value - interest paid on loan taken for house = Net income from house property.
if any repayment of house loan can be deducted u/s 80C
if any repayment of house loan can be deducted u/s 80C
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