Income from House Property
Owning rental property qualifies as a business if you do it to earn a profit and work at it regularly and continuously.
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Income from House Property
Homeowners can claim a deduction of up to Rs 2 lakh on their home loan interest, if the owner or his family resides in the house property. The same treatment applies when the house is vacant. If you have rented out the property, the entire home loan interest is allowed as a deduction.
