What are the deductions we can make from house property income?
1] land revenue or any other tax levied by State Government in respect of the property whose income is computed under the head income from house property is deductible only if it is paid during that previous year. 2] Insurance premium paid to insure the property 3] Interest paid on housing loan taken for construction of that house 4] If rented property, then rent of vacant period can be deducted subject to various conditions. 5] Repairs & maintenance expenses can be claimed on assumption basis @ 30 % of net rent i.e.
