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Income from house property

24 June 2018

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.

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2 Replies

Yogesh Gupta (68 Points)
Replied 24 June 2018

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 .

Sunil Ahmad (Student) (1511 Points)
Replied 24 June 2018

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