Computation of Income from Let-out House Property.

Computation of income from House Property.
Municipal taxes including service-taxes levied by any local authority in respect of house property is allowed as deduction if the taxes are paid by the owner of the property during the year.
Rental income in the hands of owner is charged to tax under the head “Income from house
property”.
30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year.
In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes.
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[@fallitegaming9877]

wow sir, thank you so much, ye baat samajhne me mujhe kai saal lag gaye but aaj clear ho gaya, thank you so much again

[@anirudhkumar]

Out of so many videos, this was the only one which gave me clarity

[@GaneshPatil-mk7pt]

This is perfect what I was looking for... very helpful. Thanks a lot !!

[@sureshanjudadlani2780]

Thank you for explaining very clearly

[@nandlaljoshi4483]

Video is nice and clear. Thanks

[@madhutamada5261]

Crystal clear sir

[@tapankrrana1507]

Very good video Sirji.

[@mithunpatil474]

Thanks you for this video

[@toankush]

Sir you are great,

[@pankajpsharma]

Sir thanks for this informative video…What is the difference between partly let out and fully let out property in computation of income?

[@rajeevduggar138]

Can I adjust my home rent loss against share market profits

[@anupduttagupta1329]

If apart from property income someone have his salary / pension income, then property income is not his prime income. In such cases if pr income from property per annum is less than 2,40,000 then wheather that amount will be under income tax.

[@The22071970]

Sir,The information was very unique & useful. Please make a video on filing I T R of a y 2023-24 by showing income from *Salary *Rental income from 1 St House property (Housing loan emi is going on) *Rental income from 2 nd house property (Housing loan emi is going on) Note: The assesse has taken both the housing loan along with his father,(Co applicant) who is retired govt employee. *Assesse staying along with father in there ancester house *Please mention which ITR FOM to be used. I am eagerly waiting for your upcoming video on this case,Sir

[@riyaznathani3718]

Thnc Wht about calculation of heavey secuirity deposit and low rent letting system?

[@rakeshdeshmukh9006]

Besides residential property ,are you allowed exemption on second house is is the income from second house taxable?

[@sunilsen2652]

What's the exemption limit of rented value per year.

[@nehasomaiya2897]

What if house is rented in fy for only 3 months thn we can take full year interest for deduction ?

[@AnupKumar-bh9bv]

Sir, Thanking you so much for sharing information.

[@pankajmathpal]

Most welcome

[@bholamerebhola]

I am getting HRA benefits on my flat. Will I be able to rent the flat to someone else? Please suggest me with this.

[@malhar300781]

One house is self occupied and other is on rent then which itr form to file

[@reshamsingh3619]

Kya 20000 se niche rent amt. K liya tax nahi dena hota hai kya

[@dharamveergautam5697]

Kya employer let out property interest ki deduction de sakata while deducting TDS from salary.

[@SujitDas-df3mj]

Sir my question is how to treat int on loan for repair in let out for buisness in income from house property

[@sunilkumar-sc5fw]

Is these benefits are applicable to buying a plot?

[@skm_my]

I have been paying housing loan since last 2 years, can I put this interest on this fy itr

[@avinashjuneja7052]

Pension income he 5.50 rental income 23000 p.m kaise calculate kren

[@yogesh88884]

The loss from Income from House Property cannot be set off against other income, but loss can be carry forward for next 8 years

[@pankajmathpal]

It should be noted while setting off the Loss under head House Property in the same year, it can be set-off with any other head of income but in case the loss is being carried forward to the next assessment year, it can only be set-off against incomes arising under the same head i.e. Income from House Property only.

[@mehulparmar9976]

@@pankajmathpal what does it mean? Can you explain with an example

[@Lalitkumar-yb7gq]

Municipale tax deduction from any place house rent income

[@sarojmalik7690]

Meri pension and rental hai.Can I get advantage of standard deduction of Rs. 50000K along with S. D. of 30℅ on house property income?

[@DHARAMPAL-rn8ub]

Meri ek property mere aur meri wife ke nam he usko maine rent par deya he uska rent mere account me aa raha he kaya ye sara rent mian apani income tax return me dikha sakta hu

[@padmacare]

i want to lease my property to my wife, i am paying property tax in my father name ? My father is dead . I am not feeling well and so i want it lease and management of particular house to my wife. whether property tax should be change in my name ? this is my question

[@HarjinderSingh-sg6rn]

Sir ji mera total value of income of house let out property amount 2 lakh se upar hai , is case mai mujhe ITR - 1 file krni hai ya ITR-2 ??

[@smbehindyou]

So which one is better ? - claiming 2 lakhs rupees deduction on interest showing the property as self-occupied OR - - letting it out, but there also we can set off maximum 2 lakhs rupees loss. - OR, it is better to own the property jointly & - claim tax benefit of 4 lakhs on interest paid as self-occupied property - claim tax benefit of 4 lakhs loss from house property as let out property

[@sukritghosh11]

Let me know if you got the answer from outside

[@mehulparmar9976]

did you get the answer?

[@VacancyTube]

महोदय मैंने अपना पेन कार्ड अप्लाई किया और मेरा पेन कार्ड बनकर घर मे भी आ गया है पर AO कोड के बारे में सही जानकारी नहीं होने के कारण मैंने Normal Ward की जगह Exemption Ward को सेलेक्ट करके बना दिया हैं इससे कोई दिक्कत हो सकता है क्या व Exemption Ward का मतलब क्या होता है कृपया बताने का कष्ट करें

[@naveengupta2110]

Good Evening Pankaj Ji, I viewed many of your shows in Zee Business and first time watching you in KZbin channel. In my case, i am at income loss (My income from Rental Prop after all deduction is coming at (144000 - 51200 = 92800) and total amount paid in interest to the bank is 183000 ................. so i am at a total income loss of 90200. How this negative income can setoff from my salary income and can this be setoff in current financial year only or is it to be carried forward? Kindly Reply at the earliest considering fag end of ITR submission. I searched a lot of content but found your video suitable so thought to drop you this query

[@ashokm6216]

Loss -47000 aaya now itr-1 fillup karna ya itr-2 karna

[@manishwadhera9586]

Whether this will also apply in new regime tax computation?

[@pankajmathpal]

@@manishwadhera9586 no

[@nandkumarharidasgaikwad1517]

I have purchsed flat in 1st name and 2 nd wife name. No share is defined.Loan is taken in my name and being paying by me. Wife is also working and earning salary. Rent is reciving by wife in her ac. How to show in it return of my and wife. How to save tax. Please advice

[@AnupKumar-bh9bv]

Sir, When checking with ITR filing process,the form is not accepting interest amount more than Rs2.00 lacs, in let out condition for FY 2022-23.(AY2023-24). Will you please clarify?

[@pankajmathpal]

The limit to claim loss is Rs. 2 lakh the balance amount can be carried forward. If you are claiming the net loss of Rs. 2 lakh means you are claiming deduction against interest payment for more than Rs. 2 lakh because the loss is after adjusting the rental income.

[@nandlaljoshi4483]

Can we take maintenance seperately from rent. Maintenance is 25%. Unnecessary increasing income. Just like mseb bill.

[@nandlaljoshi4483]

And then take rent income

[@pankajmathpal]

It's possible only if the maintenance is directly paid by the tenant to the society but if the amount comes to your account then it's not possible. You can claim deduction against property tax paid by you. Standard deduction @30% of the gross annual value is allowed towards maintenance.

[@sureshtravelvidios9661]

What is टीडीएस on फायनल rent work out?

[@pankajmathpal]

1%TDS if rent is more than Rs. 50,000 per month.

[@Kiran-nb5xi]

Can I claim rebate for same 2L under section of intrest in itr

[@pankajmathpal]

Section 24

[@raghavahuja1355]

Can i claim both Std. Deductions in my itr i.e. 1).30% std deduction for rent recd. & 2).Rs. 50000/- Std. Deduction for salaried individuals ?

[@pankajmathpal]

Yes

[@chanduchavan6789]

Good evening sir ji

[@pankajmathpal]

Good Evening!

[@altafalam3428]

Hi Pankaj Ji, Amount k last row main mujhe 2,92,740 aa rha. Kitna tax pay karna parega mujhe? as per monthy rent 35k income, Please reply

[@pankajmathpal]

This is not the sufficient information for tax calculation. Income from house property is taxable at slab rates applicable to the individuals.