Income from House Property Calculator
The Income from House Property calculator helps estimate the tax liability and exemption amount on your housing allowance, making it easier to manage your finances.
MyResult
Income from Self-Occupied House Property
Old Regime
₹0
New Regime
₹0
This loss will be set off from your other income and will reduce the tax liability.
Income from Let-Out House Property
Old Regime
₹0
New Regime
₹0
This loss will be set off from your other income and will reduce the tax liability.
Total Income from House Property
Old Regime
₹0
New Regime
₹0
This loss will be set off from your other income and will reduce the tax liability.
Income From House Property Calculator
Calculate Income From House Property
2023-2024
₹
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The Income from House Property Calculator helps you determine the taxable income from your residential or commercial property. Under the Income Tax Act, rental income or deemed rental value is subject to taxation after considering deductions.
Income From House Property Calculator: Estimate Your Taxable Income
The Income from House Property Calculator helps you determine the taxable income from your residential or commercial property. Under the Income Tax Act, rental income or deemed rental value is subject to taxation after considering deductions.
Who can make use of the Income House Property Calculator?
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Builders and Developers
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Home Buyers
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Landlords
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NRIs
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Real Estate Investors
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Salaried Individuals
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Tax Consultants
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Tenants
Why Use an Income From House Property Calculator?
• Accurately calculate taxable income from house property.
• Determine deductions for municipal taxes, standard deductions, and home loan interest.
• Simplify tax filing by computing income easily.
Types of House Property
1. Self-Occupied Property (SOP): A house used by the owner for personal residence is considered self-occupied. No rental income is earned, and its annual value is taken as zero for tax purposes. However, a deduction on home loan interest is allowed up to Rs. 2 lakh per year.
2. Rented-Out Property: A house given on rent generates taxable income. The gross annual value (rent received) is considered for taxation after allowing deductions like municipal taxes and a standard deduction of 30% of the net annual value.
2. Rented-Out Property: A house given on rent generates taxable income. The gross annual value (rent received) is considered for taxation after allowing deductions like municipal taxes and a standard deduction of 30% of the net annual value.
How to Use the Income From House Property Calculator
Using this calculator is easy. Enter the following details to compute your taxable income:
1. Property Type: Choose if the property is self-occupied or rented out. 2. Annual Rent Received: Enter the total rent received in a year (if applicable). 3. Municipal Taxes Paid: Enter the amount of municipal tax paid to the local authority. 4. Standard Deduction: A flat 30% deduction is applied on net annual value (for rented property). 5. Home Loan Interest: If you have a home loan, enter the interest paid in the financial year. Once you input these details, the calculator will compute your Net Taxable Income from House Property.
1. Property Type: Choose if the property is self-occupied or rented out. 2. Annual Rent Received: Enter the total rent received in a year (if applicable). 3. Municipal Taxes Paid: Enter the amount of municipal tax paid to the local authority. 4. Standard Deduction: A flat 30% deduction is applied on net annual value (for rented property). 5. Home Loan Interest: If you have a home loan, enter the interest paid in the financial year. Once you input these details, the calculator will compute your Net Taxable Income from House Property.
Illustration
Example 1 (Self-Occupied Property with Home Loan): A person owns a self-occupied house and pays Rs. 2 lakh in home loan interest.
• Taxable Income = Rs. -2 lakh (Loss under House Property)
Example 2 (Rented Property): A person rents out a house for Rs. 3 lakh annually and pays Rs. 30,000 in municipal tax. • Net Annual Value = Rs. 2.7 lakh • Standard Deduction @30% = Rs. 81,000 • Taxable Income = Rs. 1.89 lakh
Example 2 (Rented Property): A person rents out a house for Rs. 3 lakh annually and pays Rs. 30,000 in municipal tax. • Net Annual Value = Rs. 2.7 lakh • Standard Deduction @30% = Rs. 81,000 • Taxable Income = Rs. 1.89 lakh
Conclusion
Using our Income From House Property Calculator, you can estimate taxable income, claim deductions, and simplify tax calculations effectively.
