Annual Value Computation: The calculator calculates the annual value of the property, either actual rental income for rented properties or deemed rental value for vacant or self-occupied properties. Hence, the income is correctly reported according to the occupancy status, and taxpayers can comply with the tax rules that apply to each property type. 
 

Deductions: It computes the overall maintenance cost through the auto-application of a 30% standard deduction on the Net Annual Value. In addition, it allows all home loan interest payments to be included as additional deductions that can be availed to reduce the entire taxable amount. It also allows for increased tax savings on income from owning property.
 

Multiple Property Assessment: It facilitates calculations for taxpayers with more than one property and helps in the organised assessment of income from each such property. Whether rental or self-occupied, taxpayers with multiple properties derive advantage from consolidated calculations, which consider the differences in tax implications and deductions of each property.
 

Instant Calculation: The rental income calculator provides instant, real-time results so you can have a true picture of your taxable property income without any delay. It allows for effective and timely tax planning and enables property owners to make informed financial decisions based on current calculations.

Step 1: Enter Gross Annual Value: Give the Gross Annual Value, which, according to municipal authorities, can be actual rent for rented houses or notional rent for self-occupied houses.
 

Step 2: Enter Municipal Taxes Paid: Enter the municipal taxes paid for the house. The municipal tax paid is allowed to be deducted from the GAV to reduce the Net Annual Value.
 

Step 3: Select Property Type: Decide if the property is self-occupied, rented, or in the let-out category—the calculator factors in the property's nature mainly based on notional rent treatment.
 

Step 4: Add Interest from Home Loan: If you have a home loan, add the interest paid per annum. The house property income calculator will factor in the relevant limits. The limit for self-occupied properties is ₹2 lakhs. However, rented properties do not attract any limit.
 

Step 5: Run the Calculation: After applying deductions, the calculator will display the total taxable income from the property, including the standard 30% deduction on NAV and the home loan interest deduction.

Step 1: Determine the Gross Annual Value of the Property: The GAV of a self-occupied house will be NIL. GAV for a let-out property is the rent of a let-out property. For deemed let-out property, the GAV would be the market value of rent received.
 

Step 2: Reduce Property Tax: Property tax, when paid, is allowed as a deduction from the GAV of the property. However, the property taxes which the owner pays during the previous year are only to be deducted to arrive at NAV.
 

Step 3: Calculate Net Annual Value(NAV): Use the following formula to calculate NAV: Net Annual Value = Gross Annual Value – Property Tax.
 

Step 4: Reduce 30% of NAV Towards Standard Deduction: 30% of NAV is allowed as a standard deduction from the NAV under Section 24 of the Income Tax Act. No other expenses like painting and repairs are allowed as tax relief of more than this 30%. You can claim a 30% expense deduction even if you have not incurred the same.
 

Step 5: Reduce the Interest on Home Loans: Section 24 also permits the deduction of interest paid on any loan taken to construct or purchase a property. In the case of construction, interest can be claimed only after the completion of the building.
 

Step 6: Calculate Income from House Property: The number reached is your income from house property. It will be taxed at the slab rate applicable to you. If you choose the new regime, interest deduction on housing loans is available only for let-out property.
 

Step 7: Loss from House Property: When you own a self-occupied house, since its GAV is Nil, claiming the deduction on home loan interest will result in a loss from the house property. It can be adjusted against income from other heads.