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  • Income From HP

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    Siddhesh Vyas
    7 views13 pages
    This document compares income statements for house properties that are let out versus self-occupied. For a let out property, the gross annual value and municipal taxes paid are used to calculate the net annual value, from which standard deductions and interest payments can be deducted to determine income from the house property. For a self-occupied property, the net annual value is nil, standard deductions do not apply, but interest payments can still be deducted, which could result in a loss amount for income from the house property.

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    This document compares income statements for house properties that are let out versus self-occupied. For a let out property, the gross annual value and municipal taxes paid are used to calculate the net annual value, from which standard deductions and interest payments can be deducted to determine income from the house property. For a self-occupied property, the net annual value is nil, standard deductions do not apply, but interest payments can still be deducted, which could result in a loss amount for income from the house property.

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    7 views13 pages

    Income From HP

    Uploaded by

    Siddhesh Vyas
    This document compares income statements for house properties that are let out versus self-occupied. For a let out property, the gross annual value and municipal taxes paid are used to calculate the net annual value, from which standard deductions and interest payments can be deducted to determine income from the house property. For a self-occupied property, the net annual value is nil, standard deductions do not apply, but interest payments can still be deducted, which could result in a loss amount for income from the house property.

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    of 13

    Statement showing income from House property (Let Statement showing income from House property (Self

    Out) Occupied)

    Gross Annual Value xxx Gross Annual Value Nil

    Less:- Municipal Tax paid xxx Less:- Municipal Tax paid Nil

    Net Annual Value xxx Net Annual Value Nil

    Less:- Deduction u/s 24 Less:- Deduction u/s 24

    (a) Standard Deduction @ 30% of NAV xxx (a) Standard Deduction @ 30% of NAV Nil

    (b) Interest on borrowed capital xxx (b) Interest on borrowed capital xxx

    Income from House property xxx Income from House property (xxx)
    Self
    Occupied
    Property.

    Provided also that the aggregate of the amounts of


    deduction under the first and second provisos shall not
    exceed two lakh rupees.

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