File ITR for House Property Income

File ITR for House Property Income

Taxpayers deriving income from house property can file their ITR under this head. Income arising out of letting out buildings or land is considered income from house property. In the Income Tax Acts, all kinds of properties, such as commercial, residential, and industrial, come under the domain of house property.

Self-occupied and Let-Out Properties are the sub-categories under this head. Earlier in 2019, only one property occupied by the owner, his parents, spouse, or children for personal residential purposes had been deemed as self-occupied property but after 2019-20, two such properties are considered as self-occupied properties whether one is vacant or not. House property over 2 self-occupied properties, if not let out is treated as deemed to be let out property and considered for tax purposes.

Note– income arising out of letting out of vacant land comes under the head “income from other sources” and is taxed under this particular head.

Note– income derived from property that is used for business or professional purposes by the owner comes under the head “income from business/profession” and is taxed under this head accordingly.

Document Requirements for Filing ITR for House Property Income

Details for self-occupied property

• Address of the house property
• Interest paid during the pre-construction period
• Interest on housing loan already paid or payable
• In case of co-ownership, the name, PAN, and percentage share

Details for the let-out property

• Annual rent received or yet to receive
• House tax or municipal tax paid
• Name and PAN of the tenant
• Interest paid or payable on a housing loan
• Pre-construction period interest
• Property address and details of the co-owner
• TAN of the tenant if TDS is deducted

Tax deduction details

• Municipal taxes
• Details of the co-owner to share the percentage of tax as per the share in the property
• Housing loan interest details up to Rs 200,000
• A standard deduction of 30% on rental income after deducting municipal taxes

In deemed to be let out property case, furnish the same details as let out property along with estimated annual rent receivable.

How TaxDunia File Your ITR?

1. After Taxpayers have logged in to our platform, give us additional primary information so that we can know your requirements better   
2. Then you have to provide us with all the documents required for the particular service (as mentioned above in the article)
3. Now it is time to pay the service fee, which is auto-calculated based on the questions we asked you earlier
4. As soon as the payment is made, TaxDunia assigns an expert to the client
5. The expert evaluates the documents and starts the procedure on the respective government portal on behalf of the client
6. If any specific documents are required later, the expert will communicate with you directly
7. Based on the complexity of the task, the government sends approval for the aforesaid service

Our team is available from 10 AM to 7 PM on working days (Monday to Saturday), except public holidays. The expert is not responsible for the authorities’ judgment.

We keep the client informed about the current updates to make the procedures transparent. Credibility and confidentiality matter to us. Today is the most suitable day to start with TaxDunia.