Income from house property includes rental income from let-out properties and deemed rental income from self-occupied properties. You can claim deductions for municipal taxes, standard deduction, and home loan interest (Section 24) and principal repayment (Section 80C).
Property used for own residence - deemed rental income is nil, but interest deduction available.
Property given on rent - actual rental income taxable after deductions.
More than one self-occupied property - one treated as self-occupied, others deemed let-out.
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