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Porperty or House Tax Return

This is a comprehensive guide for those who own a residential property. It will help you in understanding how your income derived from house property is taxed and the tax benefits you can avail to minimize your tax liability. When an assessee earns any income from a house property, it is taxed under the head ‘Income from house property’ as per the Income Tax Act. Tax calculation on such income varies depending on the type of house property & several other factors.

  • First section will help you understand how your income from house property is calculated and taxed.
  • Second section will give you detailed information on the tax benefits available for those who buy property with home loans.

Property Taxes on Your Tax Return

If you pay taxes on your personal property and owned real estate, they may be deductible from your federal income tax bill. Most state and local tax authorities calculate property taxes based on the value of the homes located within their areas, and some agencies also tax personal property. If you pay either type of property tax, claiming the tax deduction is a simple matter of itemizing your personal deductions on Schedule A of Form 1040.

Persional Property Taxes:

The Companies Act, 2013, makes it mandatory for companies to maintSome states, cities and counties assess property taxes on various types of property you own that produce income, such as tools and other equipment. Every local district has its own list of what type of property is taxed and specifies how taxpayers should determine the item's taxable value.

Real Property Taxes:

tax returns can deduct property taxes they pay on their main residence and any other real estate they own. This includes property taxes you pay starting from the date you purchase the property.


Non-deductible real property charges

real estate property tax bill may look like taxes but are actually miscellaneous charges that are not deductible. These include:

  • Fees for the delivery of a service, such as water, or trash collection.
  • Flat fees to satisfy fines, such as a charge to mow your lawn that wasn't compliant with local law.

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Basics of House Property

The Income Tax Act does not differentiate between a commercial and a residential property. All types of properties are taxed under the head ‘income from house property’ in the income tax return.

  • Self-Occupied House Property
  • Let Out House Property
  • Inherited Property

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