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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Aditya, Home owner

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How is rental income added to the owner's income tax return? Let's find out about this example.

Aditya has rented her house in Mumbai for Rs. 35,000 per month. It is time for him to file his tax returns this year and as a result, he has to decide how much he owes the I-T Department. Here are some of the house-related expenses during the year: He paid Rs.25,000 in property taxes in November and spent Rs.8,000 on repairs and Rs.30,000 on electricity bills. He also pays interest of Rs.2,20,000 on mortgage lending. With the land leased, all interest on the home loan can be claimed as a hostage. Aditya needs to find the total annual value of the building to calculate the income from the building. House for rent, annual rent collected. The rent collected must be more than or equal to the fair value of the local rent as determined by the municipality. In the case of Aditya, the municipality has decided that the appropriate rent should be Rs. 32,000. Therefore, the total annual amount is Rs. 4,20,000. Remove the local tax payment to reach the full annual value. Section 24 of the Income Tax Act allows Aditya to claim a standard deduction of 30% of the total annual value. The interest on the loan for Aditya's house is also fully deducted. This is how his household income is calculated

Gross Annual Value 4,20,000
Less: Property Taxes -25,000
Net annual value 3,95,000
Less: standard deduction at 30% -1,18,500
Less: Interest on money borrowed -2,20,000
Income from house property 56,500

Frequently asked questions

Note that Aditya's repair and electricity costs are not allowed to be deducted. Also note that if Aditya was earning rent from more than one house, he would have to calculate each of them in the same way as above. Learn more about real estate from a home building guide.
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