How to calculate income tax in case I am repaying housing loan and property is let out?


I have property under my name only in one city, which is rented out. I am repaying home loan on the same, and also earning house rent on the same. I am leaving in another city, on rent. How will my tax be calculated? What benefits I will get under income tax?

You can claim rebate on Housing loan. Obtain a certificate from the bank showing the deductions, Interest and Principal. But while submitting your return, you should show the rent you received as rental income and pay Income tax at applicable rates.

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