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House property and home loan mismatches frequently arise when rental income disclosed in ITR filings does not align with AIS or Form 26AS data, prompting automated notices under Section 143(1). These mismatches often involve unreported rent, incorrect interest claims, or TDS deductions that do not match Schedule HP entries. Automated cross-verification by the Income Tax Department highlights such differences instantly, creating a need for accurate reconciliation. With increas

The Rent Control Act in India outlines the rights and responsibilities of both tenants and landlords. It regulates rent prices, prevents unfair evictions, and ensures fairness in rental agreements. While the federal law has been around since 1948, each state has crafted its own version, adding rules that reflect the specific needs of its communities. It is important to be aware of tenant protections and landlord rights in the legal structure of rental agreements and the appli

Rental income in India is taxable under the head “Income from House Property” as defined by the Income Tax Act, 1961. To ensure compliance and minimize tax liability, it’s crucial to report it accurately in your Income Tax Return (ITR). Misreporting or ignoring this income can invite penalties and scrutiny. With recent updates under Budget 2025, taxpayers can claim deductions for municipal taxes, standard deductions, and home loan interest to optimize taxes efficiently. Platf

Section 24(b)  of the Income Tax Act, 1961 allows taxpayers to claim deductions on the interest paid for home loans taken to purchase, construct, repair, or renovate residential properties. It provides substantial relief for homeowners by reducing taxable income through interest deductions, subject to specific limits and eligibility conditions. For self-occupied houses, the maximum deduction is ₹2,00,000 per year, while for rented properties, there is no upper limit. This sec

Section 80EEA  of the Income Tax Act, 1961 provides an additional deduction of up to ₹1.5 lakh on home loan interest for first-time home buyers purchasing affordable housing. Introduced through the Finance Act, 2019, it extends beyond Section 24(b) benefits, encouraging residential ownership for middle-income earners. This provision supports the government’s “Housing for All” vision by making home loans more tax-efficient and promoting affordable housing among new buyers. Tab

Section 24B allows taxpayers to claim deductions on interest paid for home loans under the Income Tax Act, reducing taxable income for FY...

Properly reporting rent is one of the most effective ways to reduce tax liabilities under India’s Income Tax Act. Correct documentation,...

Property taxes must be paid to the local municipality or other civic body by anyone who owns a home or piece of land. The Ahmedabad...

The choice between the old and new tax regimes has become increasingly important for salaried individuals and homeowners, especially with...

Owning property jointly with family members or partners is a common practice in India. While joint ownership offers benefits such as...