Income from House Property

Tax Glossary Definition

Income from House Property

Income from House Property – Income earned from owning a property, calculated as the annual rent received or receivable, minus allowable deductions such as municipal taxes and a 30% standard deduction for repairs and maintenance. Example: If annual rent is ₹3 lakh and municipal taxes are ₹30,000, the taxable income is ₹1,89,000 after applying the 30% standard deduction

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