Property Tax Calculator

Income from house property is taxable under the Income Tax Act. Whether you rent out your property or it's self-occupied, there are specific rules for calculating taxable income and available deductions.

Our calculator helps you determine the exact tax liability on your property income, considering all allowable deductions and different property usage scenarios.

Property Categories for Tax:

• Self-Occupied: Annual value is nil, can claim interest deduction up to ₹2 lakh
• Rented Out: Annual value is actual rent or fair rent (whichever is higher)
• Vacant/Deemed Let Out: Annual value is fair rent or municipal value

Annual Value Determination:

• Municipal Value: Value determined by local municipal authority
• Fair Rent Value: Rent that property can reasonably fetch
• Standard Rent: Rent fixed under Rent Control Act (if applicable)
• Actual Rent: Rent actually received from tenant

Allowable Deductions:

• Municipal Tax: Property tax paid to local authority
• Standard Deduction: 30% of Net Annual Value
• Interest on Home Loan: Actual interest paid during the year
• Other Expenses: Repairs, maintenance (in some cases)

Special Cases:

• Multiple Properties: One can be treated as self-occupied
• Co-ownership: Income taxable in proportion to ownership
• Property Under Construction: Interest can be claimed from completion year
• Vacant Property: Treated as deemed to be let out

Tax Planning Tips:

• Keep detailed records of all property-related expenses
• Pay municipal tax on time to claim deduction
• Consider joint ownership for tax optimization
• Plan property purchase timing for maximum interest deduction
• Maintain separate bank account for rental income

Features:

• Calculate tax for different property types
• Comprehensive deduction analysis
• Annual value determination guidance
• Visual tax calculation breakdown
• Property tax rules and compliance guidance