 "Confused about income tax on gold loan? Here’s your complete taxation guide")
I recently bought a second home which I shall rent out. What are the different tax deductions that can I claim once I let it out?
Rental income is taxable under the head ‘income from house property’. Under Section 24 of the Income Tax Act, 1961, you can claim a deduction on the municipal taxes paid during the year on the property. Thereafter, from this net amount, 30 per cent is allowed as standard deduction. There is no deduction for actual repair or maintenance.
In case you have borrowed money (through a home loan) to acquire or build this house, the interest
