What are the deductions admissible while computing Income from House Property?
The following deductions are allowed while computing income from house property:-
- Any amount of Municipal taxes paid by the assessee to the local government authority on house property owned by him/her during the Financial Year.
- 30% of the annual value ( Rent received / Receivable Minus Municipal Tax), in respect of repairs and collection charges.
- Interest payable on loan taken for acquisition, construction, repair, renewal or reconstruction of the property.
- In respect of a self-occupied property whose annual value is taken as Nil, no deduction is admissible except deduction for interest payable on loan as mentioned at (c) above.
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