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The inclusion of the word house property in your portfolio changes the way the folks at the income tax department look at you. Wait...wait, there's nothing to worry about there but just some FYIs.
Zooming In
1️⃣ Get Your ITR Forms Right - If you have income from a house property, report the same using all available ITR forms. However, if you own more than one house property, you cannot file your income tax using the ITR-1 and ITR-4 forms.
2️⃣ Claim Tax Deductions On Home Loan Repayment - You can claim deductions in your income tax for your housing loan principal and interest payments for the fiscal under section 80C and 24 respectively.
3️⃣ Additional Deductions For Affordable Housing Owners - First time home buyers can claim an additional deduction of INR 1.5 lacs in income tax per year, if fully compliant with section 80EEA.
4️⃣ Joint Owner Eligible For Deduction - A co-owner in a property can claim deductions in income tax under sections 80C, 24 and 80EEA separately, subject to set limits.
5️⃣ Carry Forward Loss Under Property - House property loss can be adjusted against other sources of income, while unadjusted losses in a particular year can be carried forward for 8 subsequent years.
⚠ Please note that such carried forward loss can be offset by income from property only.
On The House
The empathetic folks at the Income Tax office do not differentiate between a commercial and residential property.