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Income earned from renting residential property is taxed under the head Income from House Property under Income Tax Act and is subject to tax based on the gross annual value
If you are a landlord who derives rental income through letting out of his/her house property, then you must know how to calculate net annual value (NAV). Read here to find out how is NAV calculated and which deduction can you claim if you have put your house on rent.
A taxpayer needs to calculate gross annual value (GAV) of his/her house if it is either put on rent or there are more than two properties and the additional properties are lying vacant. Read below to find out how to calculate GAV of a house if it is applicable to you.
If someone has more than two house properties and the additional properties are vacant, then the provisions of deemed rental will apply on those additional vacant properties. Read on to find out how this deemed rent is calculated and what are the things you should know.
According to the Income Tax Act, 1961 a homeowner can show in his/her income tax return (ITR) up to two houses as self-occupied. Read below to find out how is income from self-occupied house properties calculated.
The legal owner of a property remains liable to pay taxes on the income that he receives from his house property, both self-occupied as well as rental properties.
If an individual owns the house property, then it may happen that he/she has some income from that property. However, not many people understand the correct way of calculating income from house property for ITR filing purpose. Here is how an individual can calculate income from house property for ITR filing this year.