What are the deductions that I can claim from the income from house property before levying of tax ?
What are the deductions that I can claim from the income from house property before levying of tax ?
Chiranjibi Aug. 04, 2018
There are four heads of deduction that you can claim from the house property:
- Standard Deduction, which is 30% of the Net Annual Value. This is provided for the annual maintenance of the house property.
- Interest on housing loan, which is allowed up to the interest payment of Rs 2 lakhs per year.
- Deduction u/s 80EE. This allowed in addition to the interest on housing loan, for up to Rs 50000. However, this deduction is only available for the first house property for an individual.
- Pre-construction Interest. This is the total interest you paid during the construction of the property. You can claim the entire interest of pre-construction in 5 equal installments.
