Income From House Property (Format) Assessment Year 2024-25

 Computation of Income from House Property of ………………… for the A.Y 2024-25

 

Particulars			S.O.H	D.L.O.H	L.O.H
Step 1	Reasonable Expected Rent (least of the following two)
	1	Municipal Value OR Fair Rent (Whichever is Higher)	N.A	A	A
	2	Standard Rent	N.A	A	A
	؞	Reasonable Expected Rent (Whichever is Lower i.e., 1&2)	-------	XXX	XXX
Step 2	Actual Rent (Annual Rent – Unrealized Rent)		N.A	N.A	A
Step 3	Higher Between Step 1 & Step 2		-------	XXX	XXX
Step 4	Loss due to vacancy		N.A	N.A	A
Step 5	؞	Gross Annual Value (Step 3 - Step 4)	-------	XXX	XXX
Step 6	Less	Municipal Tax Paid	N.A	A	A
Step 7	؞	Net Annual Value	-------	XXX	XXX
Step 8	Less	Deduction under section 24
	1	Standard Deduction (30% of Net Annual Value)	-------	A	A
	2	Interest on Capital/Loan	A (The maximum amounts allowed to construct new homes are Rs. 2,00,000 and Rs. 30,000 for house renewals.)	A (No Maximum Limit)	A (No Maximum Limit)
؞	Income/Loss from H.P		XXX	XXX	XXX

 

• ·        A - Applicable
• ·        N.A. - Not Applicable
• ·        N.A.V. - Net Annual Value
• ·        G.A.V. - Gross Annual Value
• ·        M.T. - Municipal Tax
• ·        M.V. - Municipal Value
• ·        F.V/F.R. - Fair Value/ Fair Rent
• ·        S.R. - Standard Rent
• ·        H.P. – House Property
• ·        S.O.H. – Self Occupied House
• ·        D.L.O.H – Deemed Let Out House
• ·        L.O.H – Let Out House

Important Note: Under the new taxation regime deduction for interest on loan for self-occupied property is not allowed. (w.e.f. 1^st April 2020)