Salary ITR with Rent Income Online
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The income arising out of a house property either in the form of a rental income or on its transfer is referred to as ‘income from house property’. In essence, any property such as house, building, office, warehouse is treated as ‘house property’ under the Income Tax Act.
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Get Salary Income Tax Return with Rent Income Filed Online
You can get Salary Income Tax Return with Rent Income Filed Online by TaxMyTax with Ease.
Understanding
Our team helps you to gather all the required data for ITR Filings and helps you to maintain an easy system for ITR Filings
Submission of Documents
Our team of professionals prepare the necessary data and guides you for ITR status and upload the ITR Return with Aadhar Verification.
Filing
Our Income tax team will file the return and share you the acknowledgement. We also provide the Computation report that enables you for better and transparent understanding of your ITR.
General Overview
Meaning
Calculation
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General Overview
What is the meaning of House Property ?
For the income to be taxed under Income from House Property, the following three conditions need to be met:
- The house property should be a building, land or an apartment
- The assessee should be the owner of the property, and
- The house property should not be used for business and professional purposes.
Meaning
What is the meaning of let out and Self occupied property ?
The property can be either self-occupied, let-out or an inherited property. For both the self-occupied property and let-out house property, the income chargeable to tax under the head ‘Income from House Property’ is to be calculated in a specific manner as per the income tax rules.
Self-occupied house property is the one that the assessee uses for one’s own residential purpose which may also be occupied by his or her family members.
For income tax purposes, a vacant house is also considered a self-occupied house. However, there can be exceptions. Sometimes, the assessee is not able to occupy the property owing to employment concern and no other benefit is derived from it either.
If one has more than two houses, both of them can be considered as self-occupied while any house other than that is treated as let-out.
Self-occupied house property is the one that the assessee uses for one’s own residential purpose which may also be occupied by his or her family members.
For income tax purposes, a vacant house is also considered a self-occupied house. However, there can be exceptions. Sometimes, the assessee is not able to occupy the property owing to employment concern and no other benefit is derived from it either.
If one has more than two houses, both of them can be considered as self-occupied while any house other than that is treated as let-out.
Calculation
How to calculate income from let out house property ?
Any house property of the assessee which is given on rent to a tenant even for a few months is to be considered as a let out house property and income tax from house property is calculated accordingly.
Here are the steps to calculate income from a let-out house property:
- Step 1: Calculate the annual rental amount received
- Step 2: Deduct Municipal Taxes paid during the year to arrive at Net Annual Value (NAV)
- Step 3: From NAV deduct Standard Deduction @ 30 per cent of Net Annual Value and interest on housing loan, if any to get the final value of Income from Let-out House Property.
Why Choose TaxMyTax?
We get your Income tax return done with complete online support. You need not to step outside your home and we guide you to enter into the business world hasselfree. At TaxMyTax, our team helps you to understand the concept of ITR filing and help you to arrange the right documentation done for the ITR Filings. TaxMyTax has a TAT for ITR is 1 working day.
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