Senior Accountant
184 Points
Posted on 30 August 2017
HOW TO CALCULATE THE INCOME FROM HOUSE PROPERTY
Rental income received or receivable during the year
Less: 50% of House Tax/Local tax paid such as municipal tax, water and sewage tax, fire tax etc. (on actual payment basis only).
Net Annul Value
Less: 30% standard deductions for repair etc of net annual value
Less: Interest on borrowed capital
balance is Net income from house property
Ref: https://www.letslearnaccounting.com/taxation-of-income-from-house-property