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What are the deductions that I can claim from t...

What are the deductions that I can claim from the income from house property before levying of tax ?

What are the deductions that I can claim from the income from house property before levying of tax ?

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Chiranjibi Aug. 04, 2018

There are four heads of deduction that you can claim from the house property:

  1. Standard Deduction, which is 30% of the Net Annual Value. This is provided for the annual maintenance of the house property.
  2. Interest on housing loan, which is allowed up to the interest payment of Rs 2 lakhs per year.
  3. Deduction u/s 80EE. This allowed in addition to the interest on housing loan, for up to Rs 50000. However, this deduction is only available for the first house property for an individual.
  4. Pre-construction Interest. This is the total interest you paid during the construction of the property. You can claim the entire interest of pre-construction in 5 equal installments.

What are the deductions that I can claim from the income from house property before levying of tax ?

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