“Home isn’t where you’re from, it’s where you find light when all grows dark.”
― Pierce Brown, from the book : Golden Son
The Annual Taxable Value of the property is calculated by deducting municipal taxes paid, and deduction u/s 24 from the actual rent received/receivable/deemed rent.
Under section 24, two deductions are available:
- Standard deduction of 30% of the value arrived after deducting taxes from the rent and municipal taxes.
- Interest on the home loan
- Deemed owner is the person who is not legally registered as the owner of the property, but receiving the rental income.
- When the rent from the property also includes the rent of assets like the sofa, refrigerator, air conditioner, etc. Then, that is called composite rent.
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Categories: Income Tax, Personal Finance
V-Secure Investments 