You can claim following deductions when you are calculating Income Tax on House Property: -
- Any amount that is paid as Municipal Taxes by the taxpayer to the State Government Authority.
- 30% of the annual value Rent received / Receivable Minus Municipal Tax, with respect to the repairs and collection charges.
- Interest payable on loan taken for acquisition, construction, repair, renewal or reconstruction of the property, with respect to the self-occupied property whose annual value is considered as Nil, no deduction is applicable except deduction for interest payable on loan as mentioned above.
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