{"id":2659,"date":"2019-11-15T15:09:04","date_gmt":"2019-11-15T09:39:04","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2659"},"modified":"2019-11-15T15:12:36","modified_gmt":"2019-11-15T09:42:36","slug":"house-property-and-taxes","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/","title":{"rendered":"Know all about House Property And Taxes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#House_Property_Meaning\" title=\"House Property Meaning:-\">House Property Meaning:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#Calculation_from_Income_From_House_Property\" title=\"Calculation from Income From House Property:-\">Calculation from Income From House Property:-<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#1_Gross_Annual_Value_GAV_of_the_property\" title=\"1. Gross Annual Value (GAV) of the property:-\">1. Gross Annual Value (GAV) of the property:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#2_Deduct_Property_Taxes\" title=\"2. Deduct Property Taxes\">2. Deduct Property Taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#3_Net_Annual_Value\" title=\"3. Net Annual Value\">3. Net Annual Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#4_30_of_NAV_towards_standard_deduct\" title=\"4. 30% of NAV towards standard deduct\u00a0\">4. 30% of NAV towards standard deduct\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#5_Home_Loan_Interest\" title=\"5. Home Loan Interest\u00a0\">5. Home Loan Interest\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#6_House_property_Income\" title=\"6. House property Income\">6. House property Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#_7_House_property_Loss\" title=\"\u00a07. House property Loss\">\u00a07. House property Loss<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#Home_Loan_Deduction_us_24\" title=\"Home Loan Deduction u\/s 24\">Home Loan Deduction u\/s 24<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#Deduction_on_Principal_Repayment_of_Home_Loan\" title=\"Deduction on Principal Repayment of \u00a0 Home Loan\u00a0\">Deduction on Principal Repayment of \u00a0 Home Loan\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#Section_80EEAdditional_Tax_Benefit\" title=\"Section 80EE(Additional Tax Benefit)\">Section 80EE(Additional Tax Benefit)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#Tax_Deduction_for_First-Time_Homeowners_Section_80EEA\" title=\"Tax Deduction for First-Time Homeowners: Section 80EEA\">Tax Deduction for First-Time Homeowners: Section 80EEA<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"House_Property_Meaning\"><\/span><b>House Property Meaning:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">House property by its <\/span><span style=\"font-weight: 400;\">literal<\/span><span style=\"font-weight: 400;\"> meaning is any Residential Or Commercial Property as there is no distinguishment in the<a href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/\"> Income Tax Law<\/a> House property can be Office or Home or Building or any other area of land that is attached to the earth.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2663 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/House-Property-Tax.png\" alt=\"House Property Tax\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/House-Property-Tax.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/House-Property-Tax-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/House-Property-Tax-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><b>1. Self-Occupied House Property:-<\/b>\u00a0Self Occupied House Property by its literal meaning is the property where the owner of the property uses it for his own residence purpose. It means that property is neither rented nor Commercial. <a href=\"https:\/\/aktassociates.com\/blog\/taxpayers-in-india\/\">Taxpayer\u2019s<\/a> family will occupy the house property \u2013 Family will consist of parent and\/or spouse and children. A house property of Vacant nature is considered as self-occupied for the purpose of Income Tax.<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">For the purpose of the Income Tax Act,1961, for the FY 2019-20 and onwards, <\/span><b>Self-Occupied Property<\/b><span style=\"font-weight: 400;\"> benefit has been extended to 2 House Property. That means that the Owner of the Property who has more than 1 House property, has the option to decide 2 House Property as Self Occupied Property.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><b>2. Let Out House Property:-<\/b>Here, it means that property is rented out for a Particular Period upon the Agreement thereof.<\/p>\n<p><b>3. Inherited Property:-<\/b>\u00a0It can either be self-occupied one or a let out one based on its usage as it is acquired from the Grandparents or Parents.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Calculation_from_Income_From_House_Property\"><\/span><b>Calculation from <\/b><b>Income From House Property:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_Gross_Annual_Value_GAV_of_the_property\"><\/span><strong>1. <\/strong><b>Gross Annual Value (GAV) of the property:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One has to determine GROSS ANNUAL VALUE for the Property <\/span><span style=\"font-weight: 400;\">to reach <\/span><b>House Property Income<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Deduct_Property_Taxes\"><\/span><span style=\"font-weight: 400;\">2. <\/span><b>Deduct Property Taxes<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The property owner has to reduce Property tax as a deduction from the GAV of property. <\/span><span style=\"font-weight: 400;\">And this Municipal Property Taxes will be allowed as a deduction on<\/span><b> Paid Basis not on due basis.<\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Net_Annual_Value\"><\/span><span style=\"font-weight: 400;\"><strong>3.<\/strong> <\/span><b>Net Annual Value<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Gross Annual Value less the Property Tax is called the Net\u00a0 Annual Value.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_30_of_NAV_towards_standard_deduct\"><\/span><b>4. 30% of NAV towards standard deduct<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Under Section 24 of the Income Tax Act,<\/span><b> \u00a0<\/b><span style=\"font-weight: 400;\">30% on NAV is allowed as a deduction from the NAV. <\/span><span style=\"font-weight: 400;\">The objective of this deduction is to be allowed all Miscellaneous expenses related to House Property.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Home_Loan_Interest\"><\/span><b>5. Home Loan Interest\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0Interest paid during the year on housing loan availed is allowed as a deduction under section 24.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_House_property_Income\"><\/span><b>6. House property Income<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0It is<\/span><span style=\"font-weight: 400;\">\u00a0taxed at the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-slab-rate-for-ay-2020-21\/\">slab rate<\/a> applicable to you.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_7_House_property_Loss\"><\/span><b>\u00a07. House property Loss<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you own a self-occupied house, since its GAV is Nil, claiming the deduction on home loan interest will result in a loss from house property. House Property loss can be set off against income from other heads in the relevant year of <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Income Tax Return Filing.<\/a><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Home_Loan_Deduction_us_24\"><\/span><b>Home Loan Deduction u\/s 24<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Owners of the house property can claim a deduction of up to Rs 2 lakh on their home loan interest if the owner or his family resides in the house property. When the house property is vacant then the same calculation Treatment will be applied. However, If you have rented out the property, the home loan interest on the entire Home will be allowed as a deduction.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Deduction_on_Principal_Repayment_of_Home_Loan\"><\/span><b>Deduction on Principal Repayment of \u00a0 Home Loan\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Section 80C<\/span><span style=\"font-weight: 400;\"> provides the exemption of RS. 150000 for the principal amount of loan thereof, Provided the following conditions are satisfied:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0Purchase or Construction of a new house property should be for the Home loan\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A Lock-in period of 5 years will be applied, so the property must not be sold in five years from the time you took possession.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Section_80EEAdditional_Tax_Benefit\"><\/span><b>Section 80EE(Additional Tax Benefit)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It provides the homeowners, with only one house property on the date of sanction of loan, a<a href=\"https:\/\/aktassociates.com\/blog\/home-loan-tax-benefits\/\"> tax benefit<\/a> of up to Rs 50,000<\/span><\/p>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2336 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png\" alt=\"Get Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Deduction_for_First-Time_Homeowners_Section_80EEA\"><\/span><b>Tax Deduction for First-Time Homeowners: Section 80EEA<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A new section 80EEA is added to extend the tax benefits of the interest deduction for housing loan taken for affordable housing during the period 1 April 2019 to 31 March 2020. The individual taxpayer should not be entitled to deduction under section 80EEA<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House Property Meaning:- House property by its literal meaning is any Residential Or Commercial Property as there is no distinguishment &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Know all about House Property And Taxes\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/house-property-and-taxes\/#more-2659\">Read more<span class=\"screen-reader-text\">Know all about House Property And Taxes<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know all about House Property And Taxes AKT 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