Navigating Rental Income in Your Income Tax Return: A Comprehensive Guide

Understanding House Property Income: Learn about the various types of rental income, including rent from house property, vacant property, and income from housing loans, and how they should be disclosed in your Income Tax Return (ITR).

Calculating Rental Income: Explore the method for calculating rental income, including the Gross Annual Value (GAV), Net Annual Value (NAV), and deductions under Section 24 for standard deduction and interest on borrowed capital. Co-Owned Properties: Understand how rental income and deductions are allocated among co-owners of jointly owned properties, both self-occupied and let-out.

Tax Benefits: Discover the tax benefits available on rental income, including deductions for repayment of loan principal under Section 80C and additional deductions for first-time homebuyers under Sections 80EE and 80EEA. TDS on Rental Income: Learn about the provisions for Tax Deducted at Source (TDS) on rental income under Sections 194I and 194IB, and how landlords can claim TDS credits in their Income Tax Return.

Choosing the Right ITR Form: Determine the appropriate ITR form based on your total income, type of house property income, and income under other heads, ensuring accurate reporting in your tax return. Set-Off and Carry Forward of Losses: Understand the provisions for setting off house property losses against other income in the same year and carrying forward losses for up to 8 years, even in the case of belated income tax returns.