Computation of Income from Let-out House Property.

Computation of income from House Property. Municipal taxes including service-taxes levied by any local authority in respect of house property is allowed as deduction if the taxes are paid by the owner of the property during the year. Rental income in the hands of owner is charged to tax under the head “Income from house property”. 30% of net annual value of the house property is allowed as deduction if property is let-out during the previous year. In respect of let-out property, actual interest incurred on capital borrowed for the purpose of acquisition, construction, repairing, re-construction shall be allowed as deduction. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of future performance of the schemes. Please subscribe to our YouTube channel: http://www.youtube.com/user/pankajmat... You may like to watch this video:    • ICICI Prudential Global Advantage Fund (Fo...   Also watch:    • Everything you want to know about HUF!   Follow me on social media:   / pankajmathpa.  .   / pankajmathpal   instagram.com/pankajmathpal #HouseProperty #ITR #LetOutproperty #Excel #PankajMathpal