24a Tax Rebate

Just like salary, profits from business and capital gains are treated as different heads of income for tax purpose income from house property is also treated as a separate income source. Section 24 offers certain income tax deductions on income from house.

Section 24a allows for a flat 30% rebate on income from house.

Eligibility for 24a rebate

In order to claim 24 a tax deduction the house should be owned by you. This rebate is not applicable for houses that are let out since annual value of self-occupied property is nil.

Maximum deduction limit under 24a

The deduction is fixed at 30% of the annual value of the house. No other deductions for repairs, maintenance is permitted.

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