House Property News

The taxability may arise in the hands of a taxpayer for the property owned by him, whether the same is used for the purpose of his own residence or the house property has been let out on rent or even in cases where it is left vacant

If you have taxable income from a house property or other sources in India, then investing in ELSS makes sense

You are eligible to claim a standard deduction of 30% towards repairs and maintenance costs from the gross rent, which is annual rental value minus municipal taxes actually paid by you

If your resident status is 'resident but nor ordinarily resident' you need not pay tax on money received for your work abroad. Even later, you can claim DTAA benefits on such incomes

From income-tax perspective, there is a specific exemption for foreign citizens on the requirement to obtain Aadhaar for income-tax return filing and PAN application

If you own more than one residential property, only one of those can be considered to be self-occupied. Which one will that be?

The tax differs across states, cities and even within zones of the same city

One of the basic concepts of taxation is that a person can only be taxed in respect of her real income, and not in respect of some notional income that she could possibly have earned

If the property remained vacant during the full or part of previous year, even after your best effort to let it out, you can claim deduction as vacancy allowance

One can claim deduction towards interest paid for the pre-construction period in five equal annual instalments starting from the year of possession or acquisition