What deductions are applicable, while calculating Income from House Property?

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.

Are you tax prepared? We’re here to help.