House property and Salary
₹1,249.00 ₹1,999.00
Who should buy?
Individuals who own house property, including those with salaried income.
Product Details
Services Covered
Expert Assisted Tax Filing for business and professionals
Tax Savings & Planning Advice
Documents To Be Submitted
Bank statements for the financial year
Form 16
Income and Expense statements
Gross Receipts
Form 26AS Tax Credit Statement
Bank statement if interest received is above Rs. 10,000/-
FAQ
Do I need to pay income tax on the rental income from my house property?
Yes, rental income from a house property is taxable under the head "Income from House Property" in your income tax return.
Can I claim deductions for the interest paid on a home loan?
Yes, you can claim deductions on the interest paid on a home loan under Section 24(b) of the Income Tax Act, subject to certain conditions.
Can I claim deductions for the principal repayment of a home loan?
Yes, you can claim deductions on the principal repayment of a home loan under Section 80C of the Income Tax Act, subject to the overall limit of Rs. 1.5 lakh.
Are there any tax benefits for first-time homebuyers?
Yes, first-time homebuyers can claim an additional deduction on interest payments under Section 80EE, provided certain conditions are met.
Can I claim a deduction for property taxes paid?
Yes, you can claim a deduction for property taxes paid on the house property under Section 24(b) of the Income Tax Act.
How can I avail of tax benefits if I have jointly taken a home loan with a co-owner?
Each co-owner can individually claim deductions for their share of the interest and principal repayment on the home loan in proportion to their ownership share in the property.
