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What is the difference between self-occupied and let out house property?
How is the income from these properties taxed differently?
Income from self-occupied property is not taxable as it is for personal use. However, the owner can claim deductions on interest paid on a home loan. Income from let out property is taxable under the head 'Income from House Property' after deductions are made for municipal taxes and a standard deduction of 30% of the annual value.