Do you know that you can save tax on the income of the house given on rent. If not, today we will tell you how you can get tax exemption on income from rented house.
If you have not filed your income tax till now, then fill it in time. To save tax, we often keep looking for different tax saving options. In such a situation, if you have also used all the options for tax saving, still you are not able to save tax, then this news is useful for you.
Do you know that you can save tax even on the income of your rented house? If not, today we will tell you how you can get tax exemption on income from rented house.
This is how tax will be saved on rental income
If you have given any of your property on rent, then you can save tax on it. Suppose if you live in your own house and you have also given your property on rent. Now you get 15 thousand rupees rent every month from your property. So you can claim the loss of your rent in income tax. You can save a lot of tax from section 24 of income tax. For this you can show the home loan.
Here's how you can claim standard deduction on rental income
You can save your tax by taking the benefit of standard deduction on the rented property. On this you get the benefit of standard deduction up to 30%.
You can avail discount on home loan.
If you have a joint property, you can claim tax benefits on that too.
Municipal tax deduction can also come in handy. This includes your water tax, sewage tax and many other types of taxes.
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