Section 24 of ITA, 1961 : Section 24: Deductions From Income From House Property
ITA, 1961
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Explanation using Example
Let's say Mr. Sharma owns a rental property that has an annual value (rental income) of Rs. 3,00,000. According to Section 24 of the Income-tax Act, 1961, he can claim deductions from this income before calculating the tax.
- Firstly, he can claim a standard deduction of 30% on the annual value. So, 30% of Rs. 3,00,000 is Rs. 90,000.
- Secondly, if Mr. Sharma took a loan to buy or construct this property and is paying interest on the borrowed capital, he can claim this interest as a deduction. Assuming he pays Rs. 1,50,000 as interes...
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