Frequently asked questions

House Property

Yes, both HRA when given as a part of salary & interest on home loan can be claimed as deduction.

Rental income of person other than owner is not chargeable under head income from house property. So, income received by tenant from subletting is not taxable under the head income from house property.

It is chargeable under this head of income from house property as the same being building.

In this case, if the composite rent received is separable then the rent pertaining to building will be taxed under head house property & remaining under head profits & gains from business or profession. If the same is inseparable then, the whole composite rent received is taxable under head profits & gains from business or profession or income from other sources.

In this case, the amount pertaining to property shall be chargeable under head house property & the remaining under head profits & gains from business or profession or Income from other sources.

Pre-construction period is the period commencing from the date of borrowing of loan and ends on earlier of date of repayment of loan or 31st march immediately prior to the date of completion of construction/acquisition of the property. Interest pertaining to pre-construction period is allowed as deduction in 5 equal installments.

In this case, assessee can claim only one property as self-occupied of his choice for the purpose of income tax act.

The calculation has to be done separately for each property.

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