House Property Income Tax Return

House Property Income Tax Return – A House Property Income Tax Return is the income tax return filed by a taxpayer to report income earned from house property. This includes rental income from tenants or deemed income from self-occupied property, after accounting for eligible deductions like municipal taxes and home loan interest. The Assessment Year (AY) is the year in which income earned during the preceding Financial Year (FY) is evaluated and taxed. Taxpayers must report all income from house property for a FY in the corresponding AY while filing their return.

Example: If a taxpayer receives rental income from a property during FY 2022–23 (1 April 2022 – 31 March 2023), they must report it and pay applicable taxes in AY 2023–24 through the House Property Income Tax Return