You are required to enter data in this section only if you owned a house property which was used for residential purposes, for any part of the year.
Self Occupied Property – if you have stayed in the property for the whole or any part of the year and for the rest of the year it was not available to be let out then it would be treated as self occupied property.
Let out property - If you have let out the property or have made the property available for rent for any part of the year then it would be treated as a let out property.
Deductions Available
1. If your property is not let out for the entire period for which it was available to be let out, you are entitled to a deduction for the period for which it was vacant.
2. If you have paid any amount as interest towards repayment of loan taken for the property then you are entitled to a deduction to a maximum amount of Rs 1.50 lakhs.
Share this
Related Posts
TAX SAVING SCHEMES & INVESTMENTS( comprehensive information on Tax Saving options in India)Tax Saving Schemes Post Office Savings Schemes - you can save up to Rs 44,000 Tax a yearFrom the point of retail investors the budget is good; he has given tremendous relief for income tax. Salaried professi
- Tax Saving InvestmentsTax Saving Mutual Funds In India A mutual fund is a trust that holds the savings of a number
- The EMI route to tax savingsCan housing loans aid in tax savings?YES you could save up to Rs 40,000 more on your income tax outflo