==Calculating Income from House Property==
* After arriving at Rateable Value and Annual Value, if the property is let-out (given for rent/lease), the following deductions for which the owner is eligible:
'''Format for Computation of income from Let-Out Property is shown below:'''
'''Computation of Income from Self-Occupied Property'''
* When Property is in the occupation of the owner and not let-out during any part of the previous year, the Annual will be takes as NIL.
* When more than one house is held by the owner and is in the occupation of the Owner for his residential purpose, then only one residence value, at Owner’s choice, will be taken as NIL. For other house/s, the tax is computed as though the Property is Let-Out.
* When the Annual Value is taken as NIL, no deduction u/s 24 is allowed except in respect of interest paid on capital borrowed for acquisition/construction and the same is completed within 3 years from the end of financial year in which the loan was.
* Repair charger (restricted to 30% of Annual Value of the Property).
* Interest on borrowed capital for the purpose of acquisition, construction, re-construction, repairs, renovation etc.
* Borrowed subject to a maximum of Rs.1,50,000 p.a.. Deduction in respect of interest on housing loan during the period of construction is allowed in equal installment over a period of 5 years commencing from the year of completion, However, this will be within the overall limit u/s 24(b) of the act. There is no limit for the interest on borrowed loan in respect of let-out property.
* If there is a “Loss from House Property”, the same can be set-off against income from any other head in the same Assessment Year. If the loss can not be set-off against income from any other head in the same Assessment Year, the loss is allowed to be carried forward and set-off in 8 subsequent Assessment Years against income from house property only.