ITR deadline nears: Here's how to report house property income in tax returns
Taxpayers must report all residential property income while filing their Income Tax Return. Self-occupied properties have a Nil annual value, but deductions are claimable. Rented properties require reporting gross rent and municipal taxes paid. Vacant properties may be treated as deemed let-out, requiring notional income calculation. Accurate reporting prevents discrepancies and ensures eligible deductions are claimed.
Taxpayers must report all residential property income while filing their Income Tax Return. Self-occupied properties have a Nil annual value, but deductions are claimable. Rented properties require reporting gross rent and municipal taxes paid. Vacant properties may be treated as deemed let-out, requiring notional income calculation. Accurate reporting prevents discrepancies and ensures eligible deductions are claimed.
