UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > House Property - 1
House Property - 1 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on House Property - 1 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. Can I claim tax benefits on a house property under the Income Tax Act? |  |
Ans. Yes, you can claim tax benefits on a house property under the Income Tax Act. This includes deductions on home loan interest payments and principal repayment.
| 2. What are the criteria for claiming tax benefits on a self-occupied house property? | |
Ans. To claim tax benefits on a self-occupied house property, you must have taken a home loan for the property, and the construction of the property should be completed within five years from the end of the financial year in which the loan was taken.
| 3. How is the income from house property calculated for tax purposes? | |
Ans. The income from house property is calculated by considering the annual value of the property, which is the potential rent that the property can fetch. From this annual value, deductions for municipal taxes paid and standard deduction of 30% of the annual value are allowed.
| 4. Can I claim tax benefits on more than one house property? | |
Ans. Yes, you can claim tax benefits on more than one house property. However, there are specific rules and restrictions on the deductions that can be claimed for each property.
| 5. Are there any tax benefits available for joint home loans on a house property? | |
Ans. Yes, tax benefits are available for joint home loans on a house property. Each co-borrower can claim deductions on the principal repayment and interest payments in proportion to their ownership share in the property.
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Dec 22, 2024 Last updated |
Video Description: House Property - 1 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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