Income from House property

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37 Points Posted on 28 October 2020
My 3 year rental were booked in one year only so I am getting huge tax liability.

Is there any way to reduce tax ?

Plz help urgent
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On 28 October 2020 at 18:34 Report
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Quick Summary
If you're experiencing a high tax liability due to your house property income, especially from a property booked for a full year, there are potential ways to reduce it. You might be able to claim the interest paid on a loan taken for the property as a deduction. Additionally, a standard deduction of 30% from your total rental income is usually applicable. Unfortunately, relief under Section 89 is generally not available for this type of income.

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285 Points Posted on 28 October 2020
If you have taken loan for the property , and it is a let out one naa then you can claim interest paid in the funancial year ,if it is self occupied naa then lower of 200000 or actual interest paid in the fy can be claimed to reduce the tax burden .
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On 28 October 2020 at 19:14
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Accountant
3662 Points Posted on 28 October 2020
No way to reduce tax, pay tax under normal procedure
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On 28 October 2020 at 21:08
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11 Points Posted on 28 October 2020

You will only be eligible for 30% Standarddeduction from the total rental income

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On 28 October 2020 at 22:25
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37 Points Posted on 28 October 2020
Can I get any relief like under section 89 ?
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On 28 October 2020 at 22:27
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Accountant
3662 Points Posted on 29 October 2020
No, section 89 not applicable in your case
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On 29 October 2020 at 06:58

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