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Section 2 Income from House Property

Section II: Income from House Property

Determine what your income from house property is.

The owner of a house property is taxed under the head ‘Income from House Property’ in his income tax return. Income from a property which is used for carrying on business or profession is not taxed under this head.

Steps to calculate income from house property

  1. Gross Annual Value of the property

    The gross annual value of a self-occupied house is zero. It is the rent collected for a house on rent.

  2. Less: Property Tax

    Property tax, when paid, is allowed as a deduction.

  3. Net Annual Value

    Net Annual Value = Gross Annual Value – Property Tax

  4. Less: 30% standard deduction on NAV

    A standard 30% deduction on NAV is allowed as a deduction under Section 24 of the Income Tax Act. No other expenses such as painting and repairs can be claimed as tax relief beyond the 30% cap under this section.

  5. Less: Interest on home loan

    Deduction is allowed for Interest on home loan.

  6. Income from house property

    The resulting value is your income from house property. This is taxed at the slab rate applicable to you.

  7. Loss from house property

    Since the gross annual value of a self-occupied house is zero, claiming the deduction on home loan interest will result in a loss from house property. This loss can be adjusted against income from other heads.

Section II: Income from House Property

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