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.

• 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.

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.

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.

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

Using our Income From House Property Calculator, you can estimate taxable income, claim deductions, and simplify tax calculations effectively.