Is it taxable of letout leased house property

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article trainee
230 Points Posted on 21 July 2023
help me out pls
how to take for tax on letout leased house property. House is given for lease for 12 lakh (refundable) for 3 years
Will this letout house property has to be taken for income under house property. how n how much to take as income under income from HP.any notional basis.this letout leased house property taken on loan.
D same owner of the above lease house property is in rented house can he claim for HRA

Thanks in advance
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On 21 July 2023 at 14:16 Report
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Quick Summary
This discussion clarifies the tax implications of leasing out a house property. It explains how to calculate deemed rental income, including deductions for municipal taxes and interest on loans used to acquire the property. The principal portion of loan repayments can be claimed under Section 80C, and income from the refundable deposit is taxed as 'other income'. It also addresses whether the owner, if living in rented accommodation, can claim HRA benefits.

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Manager
51 Points Posted on 21 July 2023

Yes, deemed rental income to be assessed.

deduction of u/s 24(a) 30% on NAV (i.e. GAV-Municipal taxes paid)

deduction u/s 24(b) interest on capital borrowed for the said house property.

[In the case of a let-out property, there is no limit on the quantum of interest which can be claimed as a deduction under section 24(b)]

The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C

Income generated from the deposit amount to be reported as other income.

 

 

 

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On 21 July 2023 at 15:12
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article trainee
230 Points Posted on 21 July 2023
How to calculate deemed rental income
can d owner of the letout leased house property living in rented house can he get HRA benefits
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On 21 July 2023 at 19:43

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