ection 24 offers tax deductions on ‘income from house property’ and the interest paid towards home or property loans.
The following types of income fall under the category of ‘income from house property’ under this section:
- An individual renting a house(s): The rent received from a house is accounted as part of the individual’s income.
- An individual owning more than one house: The net annual value of all the houses except the one where the individual resides is considered as the individual’s income.