🏠 Section 24 – Income from House Property
Have you rented any house property? Here’s how tax is calculated.
📌 Basis of Charge
Income is taxable under the head ‘House Property’ if it arises from any building or land attached to it.
Types of House Property:
- Let-Out Property
- Self-Occupied Property
Income from house property is computed as shown below:
💼 Old Tax Regime Calculation
| Particulars | Let-Out Property | Self-Occupied |
|---|---|---|
| Gross Annual Value | XXX | – |
| Less: Municipal Taxes | (XXX) | – |
| Net Annual Value | XXX | – |
| Less: Standard Deduction (30%) | (XXX) | – |
| Less: Interest on Borrowed Capital | (XXX) | (XXX) |
| Income from House Property | XXX | (XXX) |
🆕 New Tax Regime Calculation
| Particulars | Let-Out Property | Self-Occupied |
|---|---|---|
| Gross Annual Value | XXX | – |
| Less: Municipal Taxes | (XXX) | – |
| Net Annual Value | XXX | – |
| Less: Standard Deduction (30%) | (XXX) | – |
| Less: Interest on Borrowed Capital | (XXX) | – |
| Income from House Property | XXX | – |
📌 Notes
- 🏠 Only taxes paid during the year can be deducted.
- 📝 Let-Out Property (Old & New): Full interest on home loan deductible.
- 👨👩👧 Self-Occupied (Old): Up to ₹2L deduction for acquisition/construction.
- 🔧 ₹30K deduction for repairs/renovation in old regime.
- 🚫 No deduction for interest in New Regime for Self-Occupied houses.
- 📢 If assessee owns more than 2 self-occupied houses — 3rd is considered “deemed let-out”.
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